Tilinpäätös 2025

1 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
FINGRID OYJ
 
ANNUAL 
REVIEW 
AND 
FINANCIAL 
STATEMENTS 
 
1 January 2025–31 December 2025
 

2 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Contents 
1 
REPORT 
OF 
THE 
BOARD 
OF 
DIRECTORS 
................................ 
................................ 
........................ 
5 
 
1.1 
Financial 
result 
and 
financing 
................................ 
................................ 
................................ 
.......... 
5 
 
1.2 
Operations 
................................ 
................................ 
................................ 
................................ 
....... 
7 
 
1.2.1 
Strategy 
................................ 
................................ 
................................ 
................................ 
7 
 
1.2.2 
Customers 
................................ 
................................ 
................................ 
............................ 
8 
 
1.2.3 
Main 
Grid 
................................ 
................................ 
................................ 
............................ 
10 
 
1.2.4 
Power 
system 
................................ 
................................ 
................................ 
..................... 
11 
 
1.2.5 
Electricity 
market 
................................ 
................................ 
................................ 
................ 
12 
 
1.3 
Personnel 
................................ 
................................ 
................................ 
................................ 
...... 
13 
 
1.4 
Internal 
control 
and 
risk 
management 
................................ 
................................ 
............................ 
14 
 
1.5 
Board 
of 
Directors 
and 
corporate 
management 
................................ 
................................ 
............. 
16 
 
1.6 
Share 
capital................................ 
................................ 
................................ 
................................ 
.. 
16 
 
1.7 
Future 
outlook 
................................ 
................................ 
................................ 
................................ 
18 
 
1.8 
Events 
after 
the 
review 
period 
................................ 
................................ 
................................ 
....... 
18 
 
1.9 
Legal 
proceedings 
and 
proceedings 
by 
authorities 
................................ 
................................ 
........ 
17 
 
1.10 
Board 
of 
Directors' 
proposal 
for 
the 
distribution 
of 
profit 
................................ 
.............................. 
18 
 
1.11 
Annual 
General 
Meeting 
2025 
................................ 
................................ 
................................ 
..... 
19 
 
1.12 
Sustainability 
statemen 
................................ 
................................ 
................................ 
............... 
19 
 
1.12.1 
General 
information 
................................ 
................................ 
................................ 
............ 
19 
 
1.12.2 
Environment 
information 
................................ 
................................ 
................................ 
..... 
35 
 
1.12.3 
Social 
information 
................................ 
................................ 
................................ 
............... 
56 
 
1.12.4 
Governance 
information 
................................ 
................................ 
................................ 
...... 
74 
 
1.12.5 
Appendices 
to 
the 
sustainability 
statement 
................................ 
................................ 
......... 
79 
2 
KEY 
FIGURES 
AND 
REGULATION 
OF 
TRANSMISSION 
NETWORK 
OPERATION 
........................ 
95 
3 
CONSOLIDATED 
FINANCIAL 
STATEMENTS 
(IFRS) 
................................ 
................................ 
...... 
100 
 
3.1 
Income 
statement 
................................ 
................................ 
................................ 
........................ 
100 

3 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
3.2 
Consolidated 
balance 
sheet 
................................ 
................................ 
................................ 
......... 
102 
 
3.3 
Consolidated 
statement 
of 
changes 
in 
equity 
................................ 
................................ 
............... 
105 
 
3.4 
Consolidated 
cash 
flow 
statement 
................................ 
................................ 
............................... 
106 
4 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
 
................................ 
....................... 
108 
 
4.1 
TSO 
operations 
................................ 
................................ 
................................ 
........................... 
109 
 
4.1.1 
General 
information 
about 
the 
Group 
and 
general 
accounting 
principles 
............................ 
108 
 
4.1.2 
The 
company’s 
general 
risk 
management 
processes 
and 
policies 
................................ 
.... 
112 
 
4.1.3 
Formation 
of 
turnover 
and 
financial 
result 
................................ 
................................ 
......... 
112 
 
4.1.4 
Revenue-related 
receivables 
and 
credit 
risk 
management 
................................ 
................ 
115 
 
4.1.5 
Operating 
expenses, 
liabilities 
and 
credit 
risk 
management 
for 
purchases 
....................... 
116 
 
4.1.6 
Inventories 
................................ 
................................ 
................................ 
........................ 
119 
 
4.1.7 
Management 
of 
commodity 
risks 
................................ 
................................ 
...................... 
120 
 
4.1.8 
Personnel 
– 
the 
cornerstone 
of 
our 
operations 
................................ 
................................ 
. 
120 
 
4.1.9 
Taxes 
................................ 
................................ 
................................ 
................................ 
122 
 
4.2 
Investments 
................................ 
................................ 
................................ 
................................ 
. 
124 
 
4.2.1 
Grid 
assets 
................................ 
................................ 
................................ 
....................... 
124 
 
4.2.2 
Tangible 
and 
intangible 
assets 
................................ 
................................ 
.......................... 
127 
 
4.2.3 
Lease 
agreements 
................................ 
................................ 
................................ 
............ 
130 
 
4.3 
Financing 
................................ 
................................ 
................................ 
................................ 
.... 
131 
 
4.3.1 
Capital 
management 
................................ 
................................ 
................................ 
......... 
131 
 
4.3.2 
The 
aims 
and 
organisation 
of 
financing 
activities 
and 
the 
principles 
for 
financial 
risk 
management 
................................ 
................................ 
................................ 
................................ 
......... 
131 
 
4.3.3 
Financial 
liabilities, 
financial 
costs 
and 
managing 
financial 
risks 
................................ 
....... 
132 
 
4.3.4 
Summary 
of 
financial 
assets, 
financial 
liabilities 
and 
derivatives 
................................ 
....... 
137 
 
4.3.5 
Equity 
and 
dividend 
distribution 
................................ 
................................ 
........................ 
141 
 
4.4 
Other 
information 
................................ 
................................ 
................................ 
........................ 
143 
 
4.4.1 
Group 
companies 
and 
related 
parties 
................................ 
................................ 
............... 
143 
 
4.4.2 
Other 
notes 
................................ 
................................ 
................................ 
....................... 
145 
5 
PARENT 
COMPANY 
FINANCIAL 
STATEMENTS 
(FAS) 
................................ 
................................ 
.. 
149 

4 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
5.1 
Parent 
company 
income 
statement 
................................ 
................................ 
.............................. 
149 
 
5.2 
Parent 
company 
balance 
sheet 
................................ 
................................ 
................................ 
... 
150 
 
5.3 
Parent 
company 
cash 
flow 
statement 
................................ 
................................ 
.......................... 
152 
 
5.4 
Notes 
to 
the 
financial 
statements 
of 
parent 
company 
................................ 
................................ 
... 
153 
6 
SIGNATURES 
FOR 
THE 
ANNUAL 
REVIEW 
AND 
FOR 
THE 
FINANCIAL 
STATEMENTS 
............... 
172 

5 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
1 
REPORT 
OF 
THE 
BOARD 
OF 
DIRECTORS 
1.1 
Financial 
result 
and 
financing 
Fingrid’s 
consolidated 
financial 
statements 
have 
been 
drawn 
up 
in 
accordance 
with 
the 
International 
Financial 
Reporting 
Standards 
(IFRS). 
Unless 
otherwise 
indicated, 
the 
figures 
in 
parentheses 
refer 
to 
the 
same 
period 
of 
the 
previous 
year. 
Fingrid’s 
consolidated 
financial 
statements 
have 
been 
drawn 
up 
in 
accordance 
with 
the 
same 
accounting 
principles 
as 
in 
2024. 
Electricity 
consumption 
in 
Finland 
increased 
1.9 
per 
cent 
in 
2025. 
The 
transmission 
reliability 
of 
the 
main 
grid 
continued 
to 
be 
high 
despite 
the 
several 
planned 
transmission 
outages 
required 
by 
the 
construction 
of 
the 
electricity 
network. 
Emissions 
from 
the 
electricity 
consumed 
in 
Finland 
fell 
from 
the 
previous 
year, 
and 
the 
wholesale 
price 
of 
electricity 
was 
the 
lowest 
in 
Europe. 
Following 
the 
growth 
in 
renewable 
electricity 
production, 
variations 
in 
the 
price 
of 
electricity 
have 
increased. 
Turnover 
fell 
to 
EUR 
1,118.5 
(1,269.3) 
million 
as 
a 
result 
of 
the 
lower 
price 
of 
imbalance 
power. 
Turnover 
from 
the 
main 
grid 
segment 
was 
EUR 
654.3 
(657.5) 
million. 
Income 
from 
grid 
service 
fees 
grew 
to 
EUR 
454.9 
(275.4) 
million, 
due 
largely 
to 
Fingrid 
waiving 
the 
grid 
service 
fees 
for 
three 
months 
in 
2024. 
Electricity 
consumption 
on 
which 
grid 
service 
revenue 
is 
based 
grew 
to 
84.6 
(83.1) 
terawatt 
hours 
in 
Finland. 
Turnover 
from 
the 
balance 
services 
segment 
was 
EUR 
505.6 
(664.4) 
million. 
Large 
fluctuations 
are 
typical 
in 
the 
imbalance 
power 
amount 
and 
sales 
price 
and 
procurement 
costs, 
owing 
to 
an 
increase 
in 
weather-dependent 
electricity 
production 
and 
the 
uncertainty 
related 
to 
market 
participants’ 
electricity 
production 
and 
consumption 
forecasts. 
Fingrid’s 
congestion 
income 
from 
the 
cross 
-border 
transmission 
connections 
between 
Finland 
and 
Sweden, 
Finland 
and 
Estonia, 
and 
Finland 
and 
Norway 
amounted 
to 
EUR 
284.3 
(265.3) 
million. 
Fingrid’s 
income 
on 
the 
financial 
transmission 
rights 
(FTR) 
issued 
on 
the 
Finland 
–Estonia 
border 
amounted 
to 
EUR 
65.0 
(62.3) 
million, 
and 
the 
congestion 
income 
credited 
to 
the 
holders 
of 
transmission 
rights 
was 
EUR 
91.4 
(85.5) 
million. 
A 
total 
of 
EUR 
81.9 
(301.0) 
million 
in 
congestion 
income 
was 
recognised 
in 
turnover 
to 
cover 
operating 
expenses, 
and 
EUR 
141.3 
(130.1) 
million 
in 
other 
operating 
income 
to 
cover 
FTRs 
and 
cross 
-border 
electricity 
transmission 
capacity 
costs 
and 
EUR 
170.4 
(30.4) 
million 
in 
investments 
to 
improve 
cross 
-border 
transmission 
capacity. 
The 
accrued 
congestion 
income 
on 
Fingrid’s 
balance 
sheet 
decreased 
and 
amounted 
to 
EUR 
797.5 
(841.8) 
million 
at 
the 
end 
of 
the 
year. 
The 
Group’s 
costs, 
excluding 
the 
change 
in 
the 
value 
of 
commodity 
derivatives, 
amounted 
to 
EUR 
1,023.8 
(1,163.8) 
million. 
Imbalance 
power 
procurement 
costs 
fell 
to 
EUR 
282.1 
(457.4) 
million 
due 
to 
the 
lower 
price 
of 
imbalance 
power. 
Loss 
power 
costs 
grew 
to 
EUR 
83.7 
(81.1) 
million, 
due 
to 
an 
increase 
in 
electricity 
transmission 
in 
the 
main 
grid. 
The 
cost 
of 
reserves 
to 
safeguard 
the 
grid’s 
system 
security 
and 
power 
balance 
decreased 
to 
EUR 
189.2 
(217.6) 
million. 
The 
change 
is 
due 
to 
the 
significant 
increase 
in 
the 
supply 
of 
reserves 
in 
the 
markets. 
Grid 
maintenance 
costs 
increased 
to 
EUR 
47.3 
(39.8) 
million. 
The 
growth 
in 
costs 
was 
mainly 
due 
to 
the 
repair 
of 
the 
EstLink 
2 
cross 
-border 
transmission 
cable, 
which 
was 
damaged 
in 
December 
2024. 
Personnel 
costs 
grew 
to 
EUR 
52.5 
(47.6) 
million, 
which 
can 
largely 
be 
explained 
by 
the 
increase 
in 
the 
number 
of 
personnel 
with 
the 
expansion 
of 
the 
operations 
and 
the 
increasing 
complexity 
of 
the 
power 
system. 
Due 
to 
the 
progress 
made 
in 
the 
company’s 
extensive 
investment 
programme, 
depreciation 
and 
amortisation 
grew 
to 
EUR 
137.6 
(128.7) 
million. 
Other 
operating 
expenses 
increased 
to 
EUR 
127.6 
(87.2) 
million 
due 
mainly 
to 
the 
increase 
in 
the 
costs 
of 
managing 
the 
electricity 
system. 
The 
Group’s 
operating 
result 
excluding 
the 
change 
in 
the 
fair 
value 
of 
derivatives 
was 
EUR 
246.6 
(238.9) 
million. 
The 
Group’s 
result 
before 
taxes 
was 
EUR 
223.3 
(186.4) 
million. 
The 
profit 
for 
the 
financial 
year 
was 
EUR 
179.0 
(149.2) 
million. 
The 
equity 
ratio 
at 
the 
end 
of 
the 
financial 
year 
was 
17.4 
(16.1) 
per 
cent. 
Fingrid 
estimates 
that 
total 
investments 
will 
reach 
EUR 
5.2 
billion 
in 
2026–2035. 
The 
company 
estimates 
that 
its 
investments 
in 
2026–2029 
will 
be 
roughly 
EUR 
2 
billion. 
The 
number 
of 
the 
company’s 
investment 
projects 
in 
2025 
grew. 
The 
gross 
investment 
costs 
amounted 
to 
EUR 
485.1 
(520.9) 
million. 
EUR 
449.5 
(491.8) 
million 
was 
invested 
in 
the 
transmission 
grid 
and 
EUR 
14.5 
(8.3) 
million 
for 
reserve 
power. 
IT 
system 
and 
other 
investments 
amounted 
to 

 
 
 
 
 
 
 
 
6 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
EUR 
21.1 
(20.8) 
million. 
A 
total 
of 
EUR 
3.8 
(3.1) 
million 
was 
used 
for 
R&D 
projects 
during 
the 
year 
under 
review. 
Investment 
commitments 
amounted 
to 
EUR 
604.1 
(625.6) 
million. 
The 
parent 
company’s 
turnover 
amounted 
to 
EUR 
1,129.9 
(1,272.6) 
million 
and 
profit 
for 
the 
financial 
period 
to 
EUR 
196.8 
(135.0) 
million. 
The 
parent 
company’s 
distributable 
funds 
amounted 
to 
EUR 
233.7 
(172.2) 
million. 
The 
allowed 
regulatory 
profit 
in 
line 
with 
the 
regulation 
method 
governing 
reasonable 
profit 
in 
transmission 
grid 
operations 
was, 
according 
to 
the 
company’s 
estimate, 
at 
the 
same 
level 
as 
the 
previous 
year. 
The 
allowed 
profit 
decreased 
from 
the 
previous 
year 
due 
to 
lower 
interest 
rates, 
while 
investment 
-driven 
growth 
in 
the 
regulatory 
asset 
base 
(RAB) 
increased 
it. 
Based 
on 
the 
company’s 
own 
calculations, 
the 
allowed 
regulatory 
profit 
amounts 
to 
a 
surplus 
of 
around 
EUR 
15 
million 
for 
2025. 
A 
cumulative 
surplus 
of 
around 
EUR 
20 
million 
has 
accrued 
in 
the 
allowed 
regulatory 
profit, 
taking 
into 
account 
the 
surpluses 
carried 
over 
from 
2024. 
In 
line 
with 
EU 
regulation, 
the 
Energy 
Authority 
decides 
on 
the 
use 
of 
the 
congestion 
income 
received 
by 
Fingrid 
for 
investments, 
to 
cover 
costs 
and 
for 
use 
as 
turnover 
to 
mitigate 
pressure 
to 
raise 
main 
grid 
tariffs. 
A 
regulatory 
letter 
submitted 
to 
Fingrid 
by 
the 
Energy 
Authority 
in 
2024 
specified 
the 
use 
of 
congestion 
income 
in 
2025. 
As 
of 
2025, 
the 
Energy 
Authority 
issues 
a 
decision 
on 
the 
annual 
use 
of 
congestion 
income. 
Fingrid’s 
unused 
congestion 
income 
is 
recorded 
on 
the 
balance 
sheet 
under 
short 
- 
and 
long-term 
non-interest 
-bearing 
liabilities. 
Congestion 
income 
is 
used 
for 
the 
benefit 
of 
customers 
for 
future 
investments 
increasing 
cross 
-border 
transmission 
capacity, 
for 
costs 
related 
to 
maintaining 
cross 
-border 
transmission 
capacity 
and 
for 
revenue 
recognition.
Congestion 
income 
does 
not 
increase 
the 
company’s 
allowed 
regulatory 
profit. 
Turnover 
and 
other 
operating 
income, 
€ 
million 
Jan-Dec/25 
Jan-Dec/24 
Grid 
service 
revenue 
455.0 
275.4 
Sales 
of 
imbalance 
power 
495.8 
636.8 
Congestion 
income 
81.9 
301.0 
ITC 
income 
14.0 
10.8 
Datahub 
income 
22.8 
20.9 
Other 
turnover 
49.0 
24.2 
Change 
in 
the 
value 
of 
derivatives 
1.5 
0.2 
Other 
operating 
income 
151.9 
133.4 
Turnover 
and 
other 
income 
total 
1,271.8 
1,402.8 
 
Costs, 
€ 
million 
Jan-Dec/25 
Jan-Dec/24 
Purchase 
of 
imbalance 
power 
282.1 
457.4 
Loss 
power 
costs 
83.7 
81.1 
Depreciation 
and 
amortisation 
137.6 
128.7 
Cost 
of 
reserves 
189.2 
217.6 
Personnel 
costs 
52.5 
47.6 
Grid 
maintenance 
costs 
47.3 
39.8 
Costs 
from 
transmission 
rights 
91.4 
85.5 
ITC 
charges 
12.5 
18.7 
Other 
costs 
127.6 
87.2 
Change 
in 
the 
value 
of 
derivatives 
-0.6 
38.5 
Costs 
total 
1,023.1 
1,202.2 

 
 
 
7 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Operating 
result 
excluding 
the 
change 
in 
the 
fair 
value 
of 
commodity 
derivatives 
246.6 
238.9 
Operating 
result 
of 
Group, 
IFRS 
248.7 
200.6 
The 
Group’s 
net 
financial 
costs 
were 
EUR 
25.9 
(14.7) 
million. 
The 
change 
in 
the 
fair 
value 
of 
financial 
derivatives 
was 
EUR 
6.1 
million 
positive 
(EUR 
5.5 
million 
negative). 
Interest-bearing 
borrowings 
totalled 
EUR 
1,817.4 
(1,860.3) 
million, 
of 
which 
non-current 
borrowings 
accounted 
for 
EUR 
1,514.4 
(1,539.6) 
million 
and 
current 
borrowings 
for 
EUR 
302.9 
(320.7) 
million. 
During 
the 
review 
period, 
the 
company’s 
cash 
assets 
fell 
due 
to 
a 
high 
level 
of 
gross 
capital 
expenditure 
and 
loan 
repayments. 
Cash 
and 
cash 
equivalents 
and 
other 
financial 
assets 
totalled 
EUR 
609.5 
(756.7) 
million 
on 
31.12.2025. 
The 
company’s 
financial 
position 
remained 
strong. 
Fingrid’s 
key 
immaterial 
resources, 
their 
value-creating 
characteristics 
and 
how 
they 
are 
part 
of 
the 
company’s 
business 
model 
are 
described 
as 
part 
of 
the 
sustainability 
statement’s 
disclosure 
requirement 
SBM-1 
Strategy, 
business 
model 
and 
value 
chain 
in 
the 
table 
‘Fingrid’s 
business 
model 
and 
value 
creation’. 
1.2 
Operations 
1.2.1 
Strategy 
Fingrid 
is 
Finland’s 
transmission 
system 
operator 
with 
system 
responsibility 
whose 
main 
owners 
are 
the 
State 
of 
Finland 
and 
Finnish 
pension 
and 
insurance 
companies. 
Fingrid 
secures 
reliable 
electricity 
for 
customers 
and 
society 
and 
shapes 
the 
electricity 
system 
of 
the 
future 
by 
developing 
the 
main 
grid, 
connecting 
new 
production 
and 
consumption 
to 
the 
grid, 
transmitting 
electricity 
in 
the 
grid, 
maintaining 
a 
balance 
between 
electricity 
consumption 
and 
production 
and 
improving 
the 
operating 
conditions 
of 
the 
electricity 
market. 
The 
company’s 
operations 
are 
based 
on 
Finnish 
and 
EU 
legislation. 
Fingrid’s 
operations 
are 
supervised 
and 
regulated 
nationally 
by 
the 
Energy 
Authority, 
which 
has 
granted 
the 
company 
a 
licence 
for 
the 
transmission 
grid 
operations. 
The 
power 
system 
is 
undergoing 
a 
rapid 
transformation. 
Electricity 
production 
in 
Finland 
is 
already 
mostly 
clean, 
and 
carbon 
dioxide 
emissions 
can 
be 
reduced, 
for 
instance, 
by 
electrifying 
industry, 
transportation 
and 
heating. 
Finland’s 
competitiveness 
as 
an 
investment 
target 
is 
also 
based 
on 
clean, 
reliable 
and 
low-cost 
electricity. 
The 
rapid 
growth 
of 
renewable, 
weather-dependent 
electricity 
production 
requires 
new 
operating 
models 
for 
managing 
the 
electricity 
system. 
Weather 
dependence 
highlights 
the 
need 
to 
ensure 
the 
stability 
of 
the 
system 
and 
the 
adequate 
supply 
of 
electricity, 
and 
it 
also 
increases 
the 
variability 
of 
electricity 
prices. 
In 
addition, 
the 
geopolitical 
situation 
and 
threats 
to 
critical 
infrastructure 
essential 
for 
the 
functioning 
of 
society 
increase 
the 
importance 
of 
preparedness 
and 
risk 
management. 
At 
the 
same 
ti 
me, 
regulation 
has 
become 
more 
unpredictable 
than 
before. 
Fingrid 
renewed 
its 
strategy 
2025. 
The 
updated 
strategy 
outlines 
three 
strategic 
targets: 
new 
solutions 
to 
meet 
customer 
needs, 
an 
operating 
model 
that 
responds 
to 
change, 
and 
proactive 
safety. 
The 
high-quality 
execution 
of 
the 
core 
mission 
and 
focus 
on 
strategic 
objectives 
enable 
Fingrid 
to 
respond 
to 
changes 
in 
the 
operating 
environment, 
evolving 
customer 
needs 
and 
the 
expectations 
placed 
on 
operations. 
Fingrid 
regularly 
monitors 
the 
progress 
made 
in 
the 
strategic 
goals. 
Mission. 
Fingrid 
secures 
reliable 
electricity 
for 
customers 
and 
society 
and 
shapes 
the 
power 
system 
of 
the 
future. 
Vision. 
Clean, 
secure 
and 
the 
most 
competitive 
electricity 
system 
in 
Europe. 
Values. 
Fingrid 
is 
an 
open, 
fair, 
efficient 
and 
responsible 
operator. 
The 
values 
guide 
Fingrid’s 
operations 
and 
lay 
a 
solid 
foundation 
for 
its 
corporate 
culture. 
The 
strategic 
choices 
that 
guide 
the 
company’s 
operations 
●
 
Focusing 
on 
the 
mission 

8 
FINGRID 
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www.fingrid.fi 
3 
March 
2026 
●
 
For 
the 
customer 
●
 
International 
activities 
●
 
Market 
focus 
●
 
Productivity 
and 
world-class 
expertise 
●
 
Security 
and 
responsibility 
Fingrid 
co-operates 
within 
ENTSO-E, 
the 
European 
Network 
of 
Transmission 
System 
Operators 
for 
Electricity, 
and 
also 
regionally 
with 
Nordic 
and 
Baltic 
transmission 
grid 
companies, 
to 
improve 
the 
effectiveness 
of 
the 
internal 
market 
in 
electricity 
as 
required 
by 
the 
EU 
Regulation 
on 
the 
internal 
market 
for 
electricity. 
The 
company 
participates 
in 
the 
drawing 
up 
and 
implementation 
of 
the 
market, 
operating 
and 
connection 
codes 
and 
the 
proposals 
prescribed 
in 
them. 
1.2.2 
Customers 
Fingrid’s 
customers 
include 
distribution 
system 
operators 
(DSOs), 
electricity 
producers, 
industries 
consuming 
electricity, 
balance 
responsible 
parties 
and 
other 
electricity 
market 
operators. 
Fingrid 
produces 
grid 
and 
electricity 
market 
services 
for 
its 
customers. 
Fingrid’s 
operations 
are 
largely 
based 
on 
fulfilling 
statutory 
duties. 
This 
task 
is 
performed 
with 
maximum 
customer 
focus, 
but 
on 
impartial 
and 
equal 
terms. 
Fingrid 
measures 
customer 
satisfaction 
annually, 
using 
the 
feedback 
to 
develop 
its 
services. 
In 
the 
autumn 
2025 
survey, 
Fingrid’s 
net 
promoter 
score 
from 
customers 
was 
+48 
(+60). 
The 
score 
fell 
from 
last 
year’s 
high 
level, 
but 
remained 
at 
a 
good 
level. 
The 
result 
shows 
that 
the 
customer 
experience 
is 
overall 
quite 
positive, 
although 
there 
is 
potential 
for 
development 
in 
individual 
areas. 
Grid 
services 
Grid 
services 
guarantee 
customers 
smooth 
connections 
to 
the 
electricity 
grid 
and 
reliable 
transmission 
of 
electricity 
in 
the 
main 
grid 
to 
meet 
consumers’ 
changing 
needs. 
In 
2025, 
Finland 
had 
the 
lowest 
wholesale 
price 
of 
electricity 
among 
European 
countries. 
Finland’s 
electricity 
mix 
is 
one 
of 
the 
cleanest 
in 
Europe. 
Emissions 
from 
the 
production 
of 
electricity 
have 
fallen 
significantly, 
and 
Finland 
still 
has 
the 
potential 
to 
significantly 
increase 
the 
production 
of 
clean 
electricity. 
In 
2025, 
the 
emission 
factor 
for 
the 
electricity 
consumed 
in 
Finland 
was 
26 
(33) 
gCO
2
/kWh. 
Clean, 
affordable 
and 
reliable 
electricity 
creates 
the 
conditions 
for 
growing 
electricity 
consumption 
in 
Finland. 
Fingrid 
is 
preparing 
for 
significant 
growth 
in 
electricity 
production 
and 
consumption. 
Fingrid 
published 
its 
production 
and 
consumption 
outlooks 
in 
spring 
and 
autumn, 
envisioning 
significant 
growth 
in 
both 
consumption 
and 
production 
in 
Finland 
by 
the 
end 
of 
the 
decade. 
The 
number 
of 
connection 
enquiries 
received 
by 
Fingrid 
has 
continued 
to 
grow, 
with 
especially 
rapid 
growth 
in 
consumption 
-related 
requests. 
In 
2025, 
Fingrid 
received 
grid 
connection 
enquiries 
on 
electricity 
consumption 
for 
roughly 
37 
gigawatts, 
on 
producti 
on 
for 
roughly 
45 
gigawatts 
and 
on 
grid 
energy 
storages 
for 
around 
26 
gigawatts. 
The 
connection 
enquiries 
increasing 
electricity 
consumption 
capacity 
amount 
in 
total 
to 
over 
100 
gigawatts, 
more 
than 
half 
of 
which 
is 
related 
to 
data 
centre 
projects. 
The 
total 
peak 
consumption 
of 
the 
electricity 
system 
of 
Finland 
is 
currently 
below 
16 
gigawatts, 
while 
the 
number 
of 
connection 
enquiries 
far 
exceeds 
this. 
The 
large 
number 
of 
enquiries 
is 
an 
indication 
of 
Finland’s 
solid 
ability 
to 
compete 
in 
green 
transi 
tion 
investments. 

9 
FINGRID 
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3 
March 
2026 
The 
increase 
in 
electricity 
consumption 
currently 
stems 
from 
the 
electrification 
of 
heating 
and 
new 
data 
centre 
projects. 
For 
example, 
the 
total 
capacity 
of 
electric 
boilers 
used 
in 
district 
heating 
production 
and 
in 
industrial 
heat 
and 
steam 
production 
is 
expected 
to 
increase 
to 
over 
3 
gigawatts 
in 
the 
coming 
years 
thanks 
to 
Fingrid’s 
known 
projects. 
During 
2025, 
Fingrid 
signed 
approximately 
40 
new 
connection 
agreements. 
Around 
one 
third 
of 
the 
agreements 
concerned 
energy 
storage, 
and 
approximately 
10 
agreements 
were 
signed 
with 
data 
centres 
and 
electricity 
production, 
respectively. 
In 
addition, 
Fingrid 
enabled 
new 
connections 
within 
customers’ 
networks. 
Growing 
electricity 
consumption 
creates 
a 
foundation 
for 
new 
electricity 
generation 
investments 
in 
Finland. 
The 
increase 
in 
electricity 
production 
is 
driven 
predominantly 
by 
wind 
and 
solar 
power. 
In 
2025, 
1,509 
(1,600) 
megawatts 
of 
renewable 
electricity 
production 
capacity 
started 
up 
in 
Finland’s 
electricity 
system. 
Electricity 
market 
services 
In 
promoting 
the 
electricity 
market, 
the 
goal 
is 
to 
support 
efficient 
electricity 
trade, 
ensuring 
that 
Finland 
remains 
a 
single 
bidding 
area. 
Fingrid 
ensures 
that 
market 
participants 
have 
access 
to 
extensive 
European 
electricity 
markets 
through 
cross 
-border 
connections 
and 
aims 
to 
provide 
the 
market 
with 
the 
maximum 
possible 
transmission 
capacity. 
In 
addition, 
Fingrid 
participates 
in 
developing 
market 
rules 
to 
ensure 
that 
the 
electricity 
market 
operates 
fairly 
and 
transparently. 
In 
2025, 
Fingrid 
was 
able 
to 
expand 
the 
capacity 
of 
its 
electricity 
market 
services 
again 
in 
accordance 
with 
the 
growing 
customer 
demand, 
while 
maintaining 
the 
efficiency 
and 
quality 
of 
the 
services. 
Fingrid’s 
balance 
services 
are 
responsible 
for 
maintaining 
a 
continuous 
power 
system 
balance 
in 
all 
situations. 
The 
reserve 
market 
service, 
in 
turn, 
develops 
and 
maintains 
the 
reserve 
and 
balancing 
power 
marketplaces 
to 
ensure 
the 
balance 
of 
the 
electricity 
system 
and 
security 
of 
supply 
in 
all 
situations. 
Fingrid 
engages 
in 
imbalance 
power 
trading 
with 
balance 
responsible 
parties, 
and 
in 
reserve 
capacity 
and 
balancing 
power 
trading 
with 
reserve 
providers. 
The 
Datahub 
service 
provides 
an 
efficient 
and 
reliable 
data 
exchange 
platform 
for 
retail 
market 
operators. 
Its 
aim 
is 
to 
enhance 
the 
functioning 
of 
the 
markets 
and 
ensure 
the 
smooth 
flow 
of 
information. 
The 
Datahub 
service 
is 
provided 
by 
Fingrid 
Oyj’s 
wholly 
owned 
subsidiary 
Datahub 
Oy. 
Finextra 
Oy, 
a 
wholly 
owned 
subsidiary 
of 
Fingrid 
Oyj, 
provides 
services 
related 
to 
guarantees 
of 
origin 
and 
peak 
load 
capacity. 
With 
the 
guarantee 
of 
origin 
service, 
electricity 
market 
operators 
can 
ensure 
that 
the 
origin 
of 
electricity 
produced 
from 
renewable 
energy 
sources 
and 
nuclear 
power 
is 
verifiable 
and 
transparently 
demonstrable 
to 
end 
users. 
The 
peak 
load 
capacity 
service 
secures 
the 
reliability 
of 
electricity 
transmission 
in 
Finland 
in 
power 
system 
situations 
where 
the 
planned 
electricity 
procurement 
is 
not 
sufficient 
to 
meet 
the 
anticipated 
electricity 
consumption. 
The 
Energy 
Authority 
has 
decided 
that 
no 
peak 
load 
capacity 
services 
will 
be 
acquired 
during 
the 
periods 
1 
November 
2024–31 
October 
2025 
and 
1 
November 
2025–31 
October 
2026. 
In 
addition, 
the 
open 
electricity 
market 
data 
service 
promotes 
the 
transparency 
and 
development 
of 
the 
electricity 
markets 
by 
providing 
open 
and 
free 
electricity 
market 
data 
to 
everyone. 
The 
services 
provided 
by 
Finextra 
Oy 
and 
Fingrid 
Datahub 
Oy 
are 
not 
part 
of 
actual 
transmission 
grid 
operations 
or 
system 
responsibility 
for 
the 
power 
system. 
Customer 
fees
Fingrid’s 
customer 
fees 
related 
to 
services 
are 
connection 
fees, 
grid 
service 
fees 
and 
balance 
service 
fees. 
Customer 
fees 
are 
significantly 
influenced 
by 
the 
costs 
of 
managing 
the 
power 
system, 
grid 
investments 
and 
the 
allowed 
regulatory 
return. 
In 
addition, 
customer 
fees 
are 
affected 
by 
the 
development 
of 
electricity 
consumption 
and 
the 
size 
of 
the 
system. 
Fingrid 
announced 
in 
September 
2025 
that 
it 
would 
raise 
grid 
service 
fees 
by 
8 
per 
cent 
as 
of 
1 
January 
2026. 
Key 
factors 
behind 
the 
need 
for 
the 
increase 
are 
a 
substantial 
investment 
plan 
that 
anticipates 
future 
customer 
needs, 
and 
the 
rising 
costs 
of 
the 
expanding 
electricity 
system. 
Costs 
will 
also 
be 
increased 
by 
the 
more 
extensive 
contingency 
measures 
required 
due 
to 
the 
weakened 
security 
situation. 
The 
contingency 
measures 
will 
ensure 
the 
management 
of 
the 
electricity 
system 
even 
in 
emergency 
conditions. 
The 
main 
grid 
connection 
fees 
were 
also 
increased 
as 
of 
the 
start 
of 
2026 
to 
reflect 
the 
actual 
cost 
development. 
The 
structure 
of 
grid 
service 
fees 
has 
largely 
remained 
unchanged 
for 
the 
past 
few 
decades. 
At 
the 
same 
time, 
the 
electricity 
system 
has 
changed 
tremendously. 
Fingrid 
continued 
looking 
into 
reforming 
the 
fee 
structures 
to 
better 
match 
costs 
and 
to 
encourage 
more 
efficient 
use 
of 
the 
transmission 
grid. 
For 
example, 
there 
has 
been 
more 

10 
FINGRID 
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www.fingrid.fi 
3 
March 
2026 
capacity-based 
invoicing 
and 
a 
greater 
emphasis 
on 
the 
main 
grid’s 
connection 
point 
as 
the 
invoicing 
interface. 
A 
decision 
on 
the 
reforms 
is 
expected 
to 
be 
made 
in 
the 
latter 
part 
of 
2026, 
preceded 
by 
extensive 
customer 
consultation. 
Fluctuations 
in 
the 
procurement 
costs 
of 
power 
system 
reserves 
have 
steered 
Fingrid 
to 
review 
balance 
service 
fees. 
Fingrid 
raised 
the 
volume 
fee 
for 
production 
and 
consumption 
of 
balance 
responsible 
parties 
from 
EUR 
1.33 
to 
EUR 
1.73 
per 
megawatt 
hour 
as 
of 
1 
January 
2025, 
and 
lowered 
the 
volume 
fee 
to 
EUR 
1.66 
per 
megawatt 
hour 
as 
of 
1 
June 
2025, 
and 
further 
to 
EUR 
1.35 
per 
megawatt 
hour 
as 
of 
1 
September 
2025. 
The 
fee 
increase 
was 
driven 
by 
a 
significant 
need 
to 
raise 
the 
amount 
of 
the 
power 
system’s 
reserve 
capacity 
procurement 
at 
the 
beginning 
of 
the 
year, 
while 
lowering 
the 
fees 
was 
possible 
because 
reserve 
costs 
were 
lower 
than 
projected. 
In 
addition, 
Fingrid 
waived 
the 
volume 
fees 
for 
the 
production 
and 
consumption 
of 
balance 
responsible 
parties 
for 
December 
2025. 
The 
company’s 
pricing 
is 
based 
on 
cost 
recovery 
and 
the 
achievement 
of 
the 
allowed 
regulatory 
profit 
annually. 
Fingrid’s 
allowed 
regulatory 
profit 
is 
determined 
for 
each 
year 
by 
applying 
the 
reasonable 
profit 
regulatory 
method 
in 
accordance 
with 
the 
Energy 
Authority’s 
decision. 
The 
allowed 
regulatory 
profit 
and 
achieving 
it 
have 
a 
significant 
impact 
on 
the 
company’s 
ability 
to 
invest 
and 
debt 
service 
capacity. 
The 
allowed 
profit 
covers 
the 
company’s 
debt 
servicing 
costs 
and 
taxes. 
The 
company 
updates 
its 
cu 
stomer 
fees 
to 
reflect 
changes 
in 
the 
operating 
environment. 
1.2.3 
Main 
grid 
Fingrid 
develops 
and 
operates 
the 
grid 
to 
meet 
customers’ 
and 
society’s 
needs. 
A 
reliable 
main 
electricity 
grid 
enhances 
Finland’s 
competitiveness 
in 
attracting 
industrial 
investments 
and 
contributes 
to 
climate 
change 
mitigation. 
The 
starting 
points 
for 
developing 
the 
main 
grid 
are 
grid 
construction 
that 
anticipates 
changes 
in 
society’s 
and 
customers’ 
needs 
and 
is 
adapted 
to 
the 
company’s 
finances, 
to 
promote 
the 
functionality 
of 
the 
electricity 
markets 
and 
to 
manage 
the 
ageing 
of 
the 
grid 
while 
maintaining 
high 
operational 
quality. 
Customer 
needs 
can 
often 
change 
rapidly 
relative 
to 
the 
long 
timeline 
of 
a 
transmission 
line 
project 
from 
planning 
and 
permitting 
to 
construction. 
Fingrid’s 
regulatory 
financial 
supervision, 
together 
with 
the 
increase 
in 
electricity 
consumption 
and 
the 
power 
system 
maintenance 
costs, 
determines 
the 
profitability 
of 
grid 
investments 
and 
the 
company’s 
ability 
to 
invest. 
Fingrid 
has 
improved 
its 
ability 
to 
carry 
out 
investments 
by 
increasing 
its 
own 
personnel, 
expanding 
its 
partner 
network 
and 
developing 
its 
procurement 
practices. 
The 
long-term 
development 
of 
the 
grid 
ensures 
that 
the 
electricity 
transmission 
grid 
and 
the 
entire 
electricity 
system 
continue 
to 
operate 
reliably 
in 
a 
changing 
operating 
environment. 
In 
addition 
to 
investments 
in 
the 
main 
grid, 
the 
growth 
of 
the 
electricity 
system 
is 
promoted 
through 
various 
electricity 
market 
development 
projects 
that 
increase 
the 
market’s 
real 
-time 
responsiveness, 
facilitate 
integration 
into 
the 
Nordic 
and 
European 
electricity 
markets 
and 
enhance 
the 
utilisation 
of 
grid 
capacity. 
Grid 
investments 
In 
2025, 
grid 
investments 
reached 
a 
record 
-high 
level 
of 
EUR 
464 
million. 
The 
company 
estimates 
that 
total 
investments 
will 
reach 
EUR 
5.2 
billion 
by 
2035. 
The 
investments 
in 
the 
main 
grid 
will 
enable 
new 
customer 
connections 
and 
electricity 
system 
growth, 
as 
well 
as 
improve 
the 
system 
security 
of 
the 
entire 
power 
system 
and 
the 
operations 
of 
the 
electricity 
markets. 
In 
2025, 
a 
total 
of 
341 
kilometres 
of 
transmission 
line 
was 
completed. 
In 
addition, 
a 
total 
of 
27 
new 
or 
extended 
substations 
were 
completed. 
Finland’s 
main 
grid 
currently 
comprises 
a 
total 
of 
around 
14,900 
kilometres 
of 
transmission 
lines, 
138 
substations 
and 
three 
HVDC 
stations. 
Currently, 
approximately 
750 
kilometres 
of 
new 
transmission 
lines 
are 
under 
construction, 
and 
1,000 
kilometres 
of 
transmission 
lines 
are 
in 
general 
planning. 
In 
August 
2025, 
Fingrid 
decided 
to 
invest 
over 
EUR 
160 
million 
in 
the 
grid’s 
main 
transmission 
line 
between 
Toivila 
and 
Hikiä. 
The 
project 
will 
increase 
transmission 
capacity 
by 
approximately 
1,500 
megawatts 
and 
support 
the 
transmission 
of 
wind 
power 
from 
the 
highly 
production 
-weighted 
west 
coast 
to 
consumers. 
The 
transmission 
connection, 
which 
will 
be 
completed 
in 
2028–2029, 
is 
one 
of 
the 
most 
important 
investment 
projects 
and 
part 
of 
the 
Lowlands 
Line. 
The 
Lowlands 
Line 
will 
help 
Fingrid 
ensure 
the 
adequacy 
of 
north–south 
transmission 
capacity 
and 
enable 
customer 
connections 
for 
large-scale 
industrial 
projects 
and 
the 
electrification 
of 
heating 
in 
cities 
throughout 
southern 
Finland. 

11 
FINGRID 
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3 
March 
2026 
The 
most 
significant 
projects 
in 
the 
construction 
phase 
from 
previously 
decided 
investments 
are 
the 
reinforcement 
of 
the 
Lake 
Line, 
the 
400-kilovolt 
cable 
link 
in 
Helsinki, 
the 
Herva–Nuojuankangas 
transmission 
line, 
and 
the 
Lowlands 
Line. 
The 
Lake 
Line 
between 
Vaala 
and 
Joroinen, 
which 
enables 
the 
connection 
of 
industrial 
investments 
planned 
in 
Eastern 
Finland 
to 
the 
main 
grid, 
reinforces 
the 
main 
grid 
by 
increasing 
north–south 
transmission 
capacity. 
This 
reinforcement 
enables, 
among 
other 
things, 
increased 
electricity 
use 
and 
the 
replacement 
of 
fossil 
fuels 
in 
energy 
production. 
The 
Vuolijoki 
–Lapinlahti 
section 
was 
completed 
in 
September 
2025, 
and 
the 
entire 
reinforcement 
is 
due 
to 
be 
completed 
in 
2026. 
The 
400-kilovolt 
underground 
cable 
link 
to 
be 
built 
in 
Helsinki 
is 
a 
project 
that 
will 
meet 
the 
needs 
of 
growing 
electricity 
consumption 
in 
the 
capital, 
especially 
as 
heating 
becomes 
electrified. 
The 
project 
has 
progressed 
according 
to 
plan, 
and 
the 
cable 
link 
is 
due 
for 
completion 
in 
2026. 
The 
400-kilovolt 
Herva–Nuojuankangas 
transmission 
line 
project 
in 
Northern 
Ostrobothnia 
has 
progressed 
to 
the 
construction 
phase. 
The 
transmission 
line 
is 
part 
of 
the 
connection 
being 
built 
between 
Petäjäskoski 
in 
Rovaniemi 
and 
Nuojuankangas 
in 
Vaala. 
The 
first 
section 
of 
the 
Lowlands 
Line, 
Jylkkä 
–Alajärvi, 
also 
progressed 
to 
the 
construction 
phase 
in 
2025.
The 
progress 
of 
the 
Lowlands 
Line 
may 
be 
delayed 
by 
the 
processing 
times 
for 
expropriation 
permits 
and 
for 
possible 
Natura 
exception 
permits. 
Fingrid 
announced 
in 
January 
2025 
that 
there 
are 
local 
restrictions 
on 
connecting 
new 
industrial 
consumption 
to 
the 
main 
grid 
in 
southern 
Finland 
during 
the 
years 
2025–2027 
until 
the 
investments 
to 
strengthen 
the 
main 
grid 
are 
completed. 
The 
Lowlands 
Line 
is 
a 
key 
enabler 
in 
the 
removal 
of 
these 
restrictions. 
The 
cross 
-border 
transmission 
connection 
between 
Finland 
and 
northern 
Sweden, 
i.e. 
the 
400-kilovolt 
Aurora 
Line, 
was 
commissioned 
in 
November 
2025. 
The 
Aurora 
Line 
is 
the 
most 
significant 
investment 
in 
Finland’s 
main 
grid 
in 
a 
decade, 
strengthening 
electricity 
transmission 
connections 
between 
the 
countries 
by 
approximately 
700 
megawatts. 
The 
Aurora 
Line 
balances 
out 
electricity 
price 
fluctuations, 
improves 
the 
supply 
of 
electricity 
and 
strengthens 
the 
power 
system’s 
resilience. 
The 
new 
400- 
and 
110 
-kilovolt 
joint 
line 
between 
Huittinen 
and 
Forssa 
was 
completed 
ahead 
of 
schedule 
in 
the 
third 
quarter 
of 
2025. 
The 
connection 
improves 
electricity 
transmission 
capacity 
from 
the 
west 
coast 
to 
Southern 
Finland 
and 
strengthens 
the 
main 
grid’s 
system 
security. 
The 
new 
transmission 
line 
reduces 
transmission 
losses, 
supports 
energy 
efficiency 
and 
enables 
better 
maintenance 
and 
outage 
interruptions. 
The 
repair 
work 
on 
the 
EstLink 
2 
electricity 
transmission 
connection 
damaged 
at 
the 
end 
of 
2024 
was 
completed 
faster 
than 
expected, 
and 
the 
connection 
was 
restored 
to 
commercial 
use 
in 
June 
2025. 
The 
repair 
work 
was 
a 
significant 
operation 
in 
which 
roughly 
a 
kilometre 
of 
submarine 
cable 
was 
replaced 
with 
a 
new 
cable. 
The 
repair 
work 
was 
planned 
and 
prepared 
in 
good 
co-operation 
among 
different 
actors. 
Fingrid 
is 
committed 
to 
mitigating 
negative 
climate 
impacts 
from 
grid 
construction, 
maintenance 
and 
use. 
The 
company 
discloses 
its 
climate 
-related 
targets, 
climate 
benefits, 
GHG 
emissions 
and 
environmentally 
responsible 
operating 
practices 
in 
full 
in 
its 
sustainability 
statement. 
1.2.4 
Power 
system 
Electricity 
consumption 
in 
Finland 
grew 
1.9 
per 
cent 
in 
2025 
compared 
to 
the 
previous 
year. 
The 
growth 
in 
consumption 
was 
mainly 
driven 
by 
the 
electrification 
of 
heating 
and 
by 
data 
centres. 
The 
share 
of 
the 
electricity 
transmitted 
in 
Fingrid’s 
grid 
in 
rel 
ation 
to 
the 
overall 
consumption 
in 
Finland 
was 
84.8 
(84.0) 
per 
cent. 
Increasing 
investments 
in 
the 
main 
grid 
have 
increased 
the 
number 
of 
planned 
outages. 
The 
outages 
were 
carried 
out 
in 
a 
controlled 
and 
planned 
manner. 
The 
main 
grid’s 
system 
security 
remained 
at 
a 
very 
high 
level 
in 
2025 
and 
was 
99.99995 
(99.99950) 
per 
cent. 
In 
2025, 
Fingrid 
announced 
local 
restrictions 
for 
connecting 
new 
industrial 
consumption 
to 
the 
main 
grid 
in 
southern 
Finland 
until 
the 
year 
2027. 
In 
November 
2025, 
Fingrid 
expanded 
the 
connection 
agreement 
inquiry 
procedure 
regarding 
large 
industrial 
consumption 
sites 
and 
grid 
energy 
storage 
in 
southern 
Finland 
to 
cover 
the 
whole 
of 
Finland. 
The 
aim 
of 
the 
new 
procedure 
is 
to 
help 
maintain 
up-to 
-date 
situational 
awareness, 
and 
to 
ensure 
that 
the 

 
 
 
 
 
 
 
 
 
12 
FINGRID 
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3 
March 
2026 
transmission 
capacity 
of 
the 
main 
grid 
is 
not 
exceeded 
and 
that 
connections 
through 
other 
network 
operators 
are 
agreed 
on 
with 
fair 
and 
common 
principles. 
In 
the 
first 
half 
of 
2026, 
the 
procedure 
is 
also 
expected 
to 
be 
implemented 
for 
production 
projects. 
The 
table 
below 
shows 
key 
figures 
for 
electricity 
consumption 
and 
electricity 
transmission 
for 
the 
review 
period. 
Power 
system 
operation 
Jan-Dec/25 
Jan-Dec/24 
Electricity 
consumption 
in 
Finland 
TWh 
84.6 
83.1 
Inter 
TSO 
transmission 
in 
Finland, 
TWh 
5.3 
3.8 
Transmission 
within 
Finland, 
TWh 
89.9 
86.9 
Fingrid's 
transmission 
volume 
TWh 
76.3 
73.0 
Fingrid's 
electricity 
transmission 
to 
customers, 
TWh 
69.1 
66.1 
Fingrid's 
loss 
power 
volume 
TWh 
1.7 
1.6 
Electricity 
transmission 
Finland 
- 
Sweden 
Exports 
to 
Sweden 
TWh 
2.2 
3.0 
Imports 
from 
Sweden 
TWh 
12.4 
9.7 
Electricity 
transmission 
Finland 
- 
Estonia 
Exports 
to 
Estonia 
TWh 
4.8 
3.9 
Imports 
from 
Estonia 
TWh 
0.2 
0.3 
Electricity 
transmission 
Finland-Norway 
Imports 
from 
Norway 
TWh 
0.3 
0.3 
The 
transmission 
capacity 
between 
Finland 
and 
Estonia 
was 
limited 
due 
to 
damage 
sustained 
by 
the 
EstLink 
2 
connection 
at 
the 
end 
of 
2024. 
The 
connection 
was 
restored 
to 
commercial 
use 
in 
June 
2025. 
In 
2025, 
the 
transmission 
capacity 
between 
Finland 
and 
Sweden 
operated 
reliably 
for 
the 
most 
part. 
The 
Aurora 
Line 
transmission 
link 
between 
Finland 
and 
northern 
Sweden, 
commissioned 
in 
November 
2025, 
will 
improve 
the 
supply 
of 
electricity 
in 
the 
coming 
years. 
The 
electricity 
supply 
was 
not 
in 
jeopardy 
during 
the 
year, 
as 
the 
electricity 
system 
and 
domestic 
generation 
capacity 
mostly 
operated 
reliably. 
The 
unusually 
warm 
weather 
of 
the 
2024–2025 
winter 
also 
contributed 
to 
the 
lower 
electricity 
consumption 
compared 
with 
the 
previous 
winter. 
In 
2025, 
the 
consumption 
peak, 
13,633 
megawatt 
hours, 
was 
reached 
on 
31 
December 
2025 
between 
10:45 
and 
11:00 
AM. 
The 
production 
peak 
of 
14,040 
megawatt 
hours 
was 
measured 
on 
27 
November 
2025, 
between 
3:15 
and 
3:30 
PM. 
The 
disturbance 
-clearing 
readiness 
was 
raised 
twice 
in 
2025 
due 
to 
weather 
conditions. 
In 
2025, 
Fingrid 
expended 
EUR 
0.3 
(7.1) 
million 
in 
countertrade. 
Countertrade 
costs 
arise 
from, 
among 
other 
things, 
transmission 
grid 
disturbances 
and 
problem 
situations. 
Fingrid 
uses 
countertrades 
to 
secures 
the 
grid’s 
system 
security, 
and 
guarantees 
tran 
smissions 
in 
the 
cross 
-border 
transmission 
connections 
it 
has 
confirmed 
by 
carrying 
out 
countertrades, 
i.e. 
purchasing 
and 
selling 
electricity, 
up 
until 
the 
end 
of 
the 
24-hour 
usage 
period.
Counter 
trade 
Jan-Dec/25 
Jan-Dec/24 
Counter 
-trade 
between 
Finland 
and 
Sweden, 
€M 
0.0 
0.9 
Counter 
-trade 
between 
Finland 
and 
Estonia, 
€M 
0.0 
5.2 
Counter 
-trade 
between 
Finland's 
internal 
connections, 
€M 
0.3 
1.0 
Total 
counter-trade, 
€M 
0.3 
7.1 
1.2.5 
Electricity 
market 

13 
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March 
2026 
Fingrid’s 
task 
is 
to 
promote 
the 
electricity 
market 
and 
to 
implement 
European 
electricity 
market 
reforms 
in 
Finland. 
As 
weather-dependence 
increases, 
the 
significance 
of 
extensive 
electricity 
markets, 
the 
flexibility 
of 
consumption 
and 
production, 
as 
well 
as 
the 
active 
participation 
of 
all 
electricity 
market 
actors 
in 
the 
electricity 
market 
will 
be 
highlighted. 
Several 
significant 
modernisations 
are 
currently 
underway 
in 
the 
electricity 
market, 
taking 
the 
electricity 
market 
towards 
more 
real 
-time 
and 
market-driven 
operations. 
The 
reforms 
particularly 
promote 
the 
access 
of 
flexible 
resources 
to 
the 
market 
to 
support 
the 
functioning 
of 
the 
electricity 
system. 
New 
electricity 
market 
solutions, 
together 
with 
the 
expansion 
of 
the 
main 
grid, 
enable 
investments 
in 
the 
green 
transition 
and 
cost 
-effective 
growth 
of 
the 
electricity 
system. 
In 
2025, 
several 
reforms 
were 
implemented 
that 
affected 
Fingrid’s 
customers 
and 
electricity 
market 
participants. 
In 
2025, 
the 
European 
electricity 
markets 
transitioned 
entirely 
to 
a 
15 
-minute 
trading 
period 
when 
quarter-hour 
pricing 
was 
implemented 
in 
the 
day-ahead 
markets 
at 
the 
turn 
of 
September 
–October. 
The 
reform 
is 
a 
significant 
step 
in 
the 
development 
of 
the 
markets, 
as 
shorter 
periods 
allow 
for 
a 
quicker 
response 
to 
fluctuations 
in 
production 
and 
consumption, 
which 
is 
particularly 
important 
as 
weather 
-dependent 
production 
increases. 
The 
reform 
also 
improves 
the 
accuracy 
and 
flexibility 
of 
price 
formation 
and 
strengthens 
the 
balance 
of 
the 
electricity 
system. 
Fingrid 
joined 
the 
European 
PICASSO 
marketplace 
for 
aFRR 
reserves 
in 
March 
2025, 
and 
trading 
between 
Finland 
and 
Estonia 
started 
in 
May. 
The 
Frequency 
Restoration 
Reserves 
with 
automatic 
activation, 
or 
aFRR, 
is 
a 
type 
of 
balancing 
power 
necessary 
for 
the 
electricity 
system. 
It 
is 
intended 
to 
automatically 
restore 
any 
deviations 
in 
the 
frequency 
of 
the 
electricity 
system 
to 
the 
normal 
level. 
PICASSO 
is 
a 
Europe-wide 
marketplace 
of 
aFRR 
energy 
intended 
to 
link 
national 
power 
systems 
for 
more 
effective 
and 
better 
coordinated 
frequency 
control. 
The 
Nordic 
15-minute 
manual 
Frequency 
Restoration 
Reserve 
(mFRR) 
energy 
marketplace 
started 
operating 
in 
March 
2025. 
The 
purpose 
of 
manual 
Frequency 
Restoration 
Reserve 
is 
to 
maintain 
a 
balance 
between 
electricity 
production 
and 
consumption. 
The 
Go 
-Live 
was 
a 
broad 
joint 
undertaking 
by 
the 
Finnish, 
Swedish, 
Norwegian 
and 
Danish 
TSOs 
and 
electricity 
market 
parties. 
The 
development 
of 
the 
mFRR 
energy 
market 
is 
part 
of 
a 
broader 
Nordic 
and 
European 
market 
development 
and 
the 
reform 
of 
the 
Nordic 
balance 
management 
model, 
aimed 
at 
improving 
the 
balance 
of 
the 
electricity 
grid 
and 
the 
integration 
of 
renewable 
energy. 
During 
the 
initial 
phase 
of 
the 
marketplace 
implementation, 
there 
were 
occasional 
delays 
in 
the 
publication 
of 
mFRR 
energy 
prices 
due 
to 
information 
system 
errors 
and 
issues 
with 
the 
pricing 
algorithm, 
but 
corrective 
measures 
were 
successfully 
implemented. 
Fluctuation 
in 
electricity 
prices 
in 
Finland 
has 
increased 
due 
to 
the 
growth 
of 
weather-dependent 
production 
and 
the 
limitations 
of 
demand-side 
management. 
This 
development 
creates 
a 
need 
for 
new 
flexibility 
solutions 
and 
grid 
energy 
storage. 
In 
2025, 
congestion 
income 
between 
the 
bidding 
areas 
of 
Finland 
and 
Sweden 
totalled 
EUR 
176.3 
(164.5) 
million 
and 
congestion 
income 
between 
the 
bidding 
areas 
of 
Finland 
and 
Estonia 
totalled 
EUR 
106.4 
(100.7) 
million. 
The 
congestion 
income 
is 
divided 
evenly 
between 
the 
TSOs. 
In 
2025, 
the 
liquidity 
of 
the 
reserve 
market 
improved 
considerably 
thanks 
to 
increased 
supply. 
Fingrid 
concluded 
new 
reserve 
contracts 
with 
40 
operators. 
The 
increase 
in 
the 
number 
of 
sites 
and 
capacity 
has 
moderated 
the 
price 
level. 
The 
balancing 
of 
the 
electricity 
system 
is 
carried 
out 
on 
market 
terms, 
and 
various 
operators 
and 
technologies 
provide 
flexibility 
to 
the 
reserve 
markets 
maintained 
by 
Fingrid 
more 
extensively 
than 
before. 
1.3 
Personnel 
In 
2025, 
the 
number 
of 
employees 
averaged 
622 
(588), 
with 
an 
average 
of 
557 
(522) 
in 
a 
permanent 
employment 
relationship. 
The 
total 
number 
of 
employees 
in 
the 
group 
has 
increased 
due 
to 
growing 
customer 
demand, 
a 
historically 
large 
investment 
plan, 
an 
increase 
in 
weather 
-dependent 
production 
and 
increased 
requirements 
to 
develop 
the 
electricity 
market. 
In 
the 
2025 
employee 
survey, 
the 
Employee 
Net 
Promoter 
Score 
(eNPS) 
remained 
at 
a 
strong 
level 
and 
was 
+76 
(+74) 
on 
a 
scale 
of 
-100 
to 
+100. 
Positive 
aspects 
that 
stood 
out 
in 
the 
results 
of 
the 
study 
included 
the 
diversity 
of 
the 
work, 
its 
inspiring 
and 
meaningful 
nature, 
and 
trust 
in 
colleagues, 
supervisors 
and 
management. 
In 
2025, 
MIELI 
Mental 
Health 
Finland 
awarded 
Fingrid 
once 
again 
with 
its 
‘A 
feel-good 
workplace’ 
(Hyvän 
mielen 
työpaikka) 
label 
for 
the 
efforts 
promoting 
mental 
health 
and 
well 
-being. 

14 
FINGRID 
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3 
March 
2026 
In 
2025, 
Fingrid 
employed 
a 
total 
of 
82 
summer 
employees, 
trainees 
and 
students 
working 
on 
their 
thesis. 
1.4 
Internal 
control 
and 
risk 
management 
Fingrid’s 
internal 
control 
is 
an 
integral 
part 
of 
the 
company’s 
operations 
and 
addresses 
all 
those 
operating 
methods 
and 
procedures 
whose 
objective 
it 
is 
to 
ensure: 
•
effective 
and 
profitable 
operations 
in 
line 
with 
the 
company’s 
strategy, 
•
the 
reliability 
and 
integrity 
of 
the 
company’s 
financial 
and 
management 
information, 
•
protection 
of 
the 
company’s 
assets, 
•
compliance 
with 
the 
applicable 
legislation, 
guidelines, 
regulations, 
agreements 
and 
the 
company’s 
own 
governance 
and 
operating 
guidelines 
as 
well 
as 
the 
quality 
thereof, 
and 
•
a 
high 
standard 
of 
enterprise 
risk 
management 
and 
business 
continuity. 
Enterprise 
risk 
management 
is 
planned 
comprehensively 
across 
the 
organization. 
The 
objective 
is 
to 
identify, 
assess, 
monitor, 
and 
manage 
threats 
and 
uncertainties 
related 
to 
the 
company’s 
strategy, 
operations, 
environment, 
personnel 
and 
assets 
in 
accordance 
with 
the 
yearly 
plan. 
A 
harmonized 
risk 
assessment 
criteria 
ensures 
that 
risk 
management 
measures 
are 
focused 
on 
matters 
that 
are 
significant 
to 
the 
company. 
Sustainability 
risks, 
including 
climate 
and 
human 
rights, 
are 
addressed 
as 
part 
of 
Fingrid’s 
enterprise 
risk 
management. 
In 
enterprise 
risk 
management, 
risks 
and 
opportunities 
related 
to 
company’s 
future 
outlook, 
proactive 
risk 
management, 
and 
preparedness 
for 
continuity 
management 
threats 
and 
prolonged 
crisis 
situations 
are 
combined 
in 
mutually 
supportive 
manner. 
The 
objective 
of 
continuity 
management 
and 
preparedness 
is 
to 
strengthen 
the 
organisation’s 
ability 
to 
anticipate 
and 
react 
effectively 
to 
risks 
and 
ensure 
operational 
continuity 
under 
all 
circumstances. 
One 
of 
the 
company’s 
strategy-
aligned 
projects 
is 
raising 
the 
preparedness 
level, 
the 
aim 
of 
which 
is 
to 
strengthen 
the 
reliability 
of 
the 
electricity 
system 
in 
crisis 
situations 
and 
ensure 
the 
continuity 
of 
critical 
infrastructure 
from 
the 
perspective 
of 
overall 
societal 
security. 
Board 
of 
Directors 
The 
company’s 
Board 
of 
Directors 
is 
responsible 
for 
organising 
internal 
control 
and 
risk 
management, 
and 
it 
approves 
the 
principles 
for 
internal 
control 
and 
risk 
management 
at 
least 
every 
two 
years 
or 
more 
often, 
if 
necessary. 
The 
Board 
of 
Directors 
evaluates 
the 
company’s 
risk 
appetite 
level 
and 
ensures 
that, 
as 
part 
of 
the 
strategy 
and 
action 
plan, 
key 
risks 
are 
identified 
and 
the 
corresponding 
mitigation 
measures 
are 
appropriately 
defined. 
The 
Board 
also 
monitors 
the 
implementation 
and 
effectiveness 
of 
these 
measures. 
The 
Board 
decides 
on 
the 
operating 
model 
for 
the 
company’s 
internal 
audit. 
The 
Board 
receives 
regular 
reporting 
from 
internal 
audit 
and 
financial 
audit 
as 
well 
as 
reviews 
aligned 
with 
the 
yearly 
plan 
on 
the 
company’s 
most 
significant 
risks, 
their 
management, 
and 
any 
realisations. 
Line 
management 
and 
other 
organisation 
Assisted 
by 
the 
executive 
management 
group, 
the 
President 
& 
CEO 
is 
responsible 
for 
executing 
and 
steering 
the 
company’s 
governance, 
decision-making 
procedures, 
control 
and 
risk 
management, 
and 
at 
the 
company 
level 
for 
the 
assessment 
of 
the 
most 
significant 
risks 
and 
risk 
management 
related 
thereto. 
As 
part 
of 
this 
whole, 
the 
President 
& 
CEO 
is 
responsible 
for 
organizing 
and 
integrating 
corporate 
responsibility 
management 
into 
the 
business. 
The 
heads 
of 
functions 
are 
responsible 
for 
the 
practical 
implementation 
of 
the 
governance, 
decision-making 
procedures, 
risks 
and 
controls 
as 
well 
as 
risk 
management 
for 
their 
areas 
of 
responsibility, 
and 
for 
the 
reporting 
of 
deviations, 
and 
the 
sufficiency 
of 
detailed 
guidelines. 
The 
directors 
appointed 
to 
be 
in 
charge 
of 
threats 
to 
continuity 
management 
are 
responsible 
for 
drawing 
up 
and 
maintaining 
continuity 
management 
plans 
and 
guidelines, 
and 
for 
arranging 
sufficient 
training 
and 
practice. 
The 
SVP, 
CFO 
is 
responsible 
for 
arranging 
and 
developing 
procedures, 
controls 
and 
monitoring 
at 
the 
company 
level 
as 
required 
by 
the 
harmonised 
operating 
methods 
of 
internal 
control 
and 
risk 
management. 

15 
FINGRID 
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3 
March 
2026 
The 
company’s 
SVP, 
Legal 
Affairs 
and 
Sustainability 
is 
responsible 
at 
the 
company 
level 
for 
assuring 
the 
legality 
and 
regulation 
compliance 
of 
essential 
contracts 
and 
internal 
guidelines, 
taking 
into 
account 
the 
company’s 
interests, 
as 
well 
as 
for 
the 
procedures 
these 
require. 
Each 
Fingrid 
employee 
is 
obligated 
to 
identify 
and 
report 
any 
risks 
or 
control 
deficiencies 
she 
or 
he 
observes 
and 
to 
carry 
out 
the 
agreed 
risk 
management 
procedures. 
Financial 
audit 
An 
authorised 
public 
accounting 
company 
selected 
by 
the 
annual 
general 
meeting 
and 
approved 
by 
the 
Finland 
Chamber 
of 
Commerce 
acts 
as 
auditor 
for 
the 
company. 
The 
company’s 
financial 
auditor 
inspects 
the 
accounting, 
financial 
statements 
and 
financial 
administration 
for 
each 
financial 
period 
and 
provides 
the 
AGM 
with 
reports 
required 
by 
accounting 
legislation 
or 
otherwise 
stipulated 
in 
legislation. 
The 
financial 
auditor 
reports 
on 
his 
or 
her 
work, 
observations 
and 
recommendations 
for 
the 
Board 
of 
Directors 
and 
may 
also 
carry 
out 
other 
verification 
-related 
tasks 
commissioned 
by 
the 
Board 
or 
by 
the 
management. 
Internal 
audit 
The 
Board 
of 
Directors 
decides 
on 
the 
operating 
model 
for 
the 
company’s 
internal 
audit. 
The 
internal 
audit 
acts 
on 
the 
basis 
of 
plans 
processed 
by 
the 
audit 
committee 
and 
approved 
by 
the 
Board. 
Audit 
results 
are 
reported 
to 
the 
object 
of 
inspection, 
the 
President 
& 
CEO, 
the 
audit 
committee 
and 
the 
Board. 
Upon 
decision 
of 
the 
Board, 
an 
internal 
audit 
outsourced 
to 
an 
authorised 
public 
accounting 
company 
approved 
by 
the 
Finland 
Chamber 
of 
Commerce 
acts 
within 
the 
company. 
From 
an 
administrative 
perspective, 
the 
internal 
audit 
is 
subordinate 
to 
the 
President 
& 
CEO. 
The 
internal 
audit 
provides 
a 
systematic 
approach 
to 
the 
assessment 
and 
development 
of 
the 
efficacy 
of 
the 
company’s 
risk 
management, 
monitoring, 
management 
and 
administrative 
processes, 
and 
ensures 
their 
sufficiency 
and 
functionality 
as 
an 
independent 
party. 
The 
internal 
audit 
has 
the 
authority 
to 
carry 
out 
reviews 
and 
to 
access 
all 
information 
that 
is 
essential 
to 
the 
audit. 
Fingrid’s 
internal 
audit 
carries 
out 
risk 
-based 
auditing 
on 
the 
company’s 
various 
processes. 
Foremost 
risks 
As 
a 
company 
critical 
to 
Finland’s 
energy 
security, 
Fingrid 
has 
a 
major 
role 
in 
society, 
and 
the 
impact 
of 
risks 
is 
assessed 
from 
the 
perspective 
of 
both 
the 
company 
and 
all 
of 
society. 
Significant 
risks 
are 
considered 
to 
be 
events 
and 
uncertainties 
that 
may 
have 
serious 
business 
-finance 
or 
national 
economic 
consequences. 
Such 
significant 
events 
may 
also 
lead 
to 
serious 
personal 
injury, 
to 
a 
material 
deterioration 
in 
the 
company’s 
ability 
to 
operate 
or 
in 
its 
corporate 
image 
or, 
in 
the 
worst-case 
scenario, 
even 
to 
the 
company’s 
operations 
being 
called 
into 
question 
by 
society. 
The 
most 
significant 
risks 
are 
divided 
into 
three 
categories: 
regulatory 
risks, 
operating 
environment 
risks 
and 
operational 
risks. 
The 
strong 
transformation 
of 
Fingrid’s 
operating 
environment 
and 
geopolitical 
security 
environment 
has 
also 
increased 
operational 
risks. 
A 
weather 
-dependent, 
expanding 
electricity 
system 
and 
growing 
electricity 
transmission 
capacity 
increase 
the 
significance 
of 
power 
system 
management 
and 
balance 
service 
business 
in 
the 
company’s 
operations. 
The 
expanding, 
increasingly 
complex 
electricity 
system 
will 
increase 
the 
share 
of 
market-based 
costs, 
such 
as 
reserve, 
loss 
power 
and 
countertrade 
costs, 
of 
the 
company’s 
total 
costs 
and 
also 
their 
significance 
in 
business 
finances. 
The 
significant 
deterioration 
of 
the 
geopolitical 
security 
environment 
has 
emphasized 
the 
importance 
of 
continuity 
management 
and 
preparedness. 
Any 
unfavourable 
development 
of 
the 
regulation 
that 
steers 
Fingrid’s 
operations 
constitutes 
a 
material 
risk 
to 
the 
company’s 
operations, 
affecting 
the 
company’s 
responsibilities, 
the 
scope 
of 
its 
mission 
and 
its 
financial 
operating 
conditions. 
Financial 
regulation 
directly 
impacts 
business 
finances, 
shareholder 
value 
and 
creditworthiness, 
thus 
creating 
the 
framework 
for 
the 
company’s 
investment 
plan 
and 
mitigation 
of 
financial 
risk. 
The 
implementation 
of 
the 
company’s 
substantial 
investment 
plan 
will 
increase 
planned 
outages 
as 
well 
as 
the 
related 
transmission 
restrictions 
and 
risks. 
Fingrid 
bears 
a 
significant 
financial 
risk 
for 
its 
balance 
service 
customers 
in 
maintaining 
the 
national 
power 
balance. 
The 
changes 
in 
the 
price 
of 
imbalance 
power 
can 
unexpectedly 
increase 
the 
company’s 
counterparty 
risks, 
which 
the 
company 
mitigates 
mainly 
by 
the 
collaterals 
required 
from 
the 
balance 
responsible 
parties 
and 
by 
other 
operational 
terms 
spe 
cified 
in 
the 
terms 
and 
conditions 
of 
the 
balance 
service. 

16 
FINGRID 
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3 
March 
2026 
Non-compliance 
has 
also 
been 
deemed 
as 
a 
significant 
regulatory 
risk. 
The 
risk 
can 
appear 
in 
the 
form 
of 
disregard 
for 
sustainability 
requirements 
or 
other 
unprofessional 
behaviour. 
As 
a 
result, 
the 
company 
may 
be 
exposed 
to 
major 
financial 
or 
reputationa 
l 
consequences. 
One 
of 
the 
key 
risks 
of 
the 
operating 
environment, 
for 
both 
Fingrid 
and 
society, 
is 
poorly 
functioning 
electricity 
markets. 
Poorly 
functioning 
electricity 
markets 
directly 
reflect 
on 
Fingrid’s 
operations 
by 
making 
it 
increasingly 
difficult 
to 
balance 
electricity 
demand 
and 
supply. 
The 
risk 
may 
materialise 
due 
to, 
for 
example, 
disturbances 
in 
market 
price 
calculations 
or 
insufficient 
transmission 
capacity. 
Other 
significant 
risks 
in 
the 
operating 
environment 
include 
uncertainties 
in 
the 
growth 
of 
electricity 
consumption, 
physical 
security 
threats 
to 
the 
electricity 
system, 
upward 
pressure 
on 
market-based 
costs 
and 
difficulties 
in 
forecasting 
due 
to 
fluctuations 
in 
electricity 
prices 
and 
transmission 
conditions. 
One 
of 
the 
company’s 
most 
significant 
operational 
risks 
is 
a 
serious 
disturbance 
to 
the 
electricity 
system, 
which 
could 
cause 
a 
regional 
or 
nationwide 
power 
outage. 
Extensive 
disturbances 
to 
the 
power 
system 
can 
be 
caused 
by, 
among 
other 
things, 
a 
technical 
malfunction 
or 
equipment 
damage, 
an 
extreme 
weather 
event, 
human 
error, 
an 
accident, 
vandalism 
or 
the 
simultaneous 
occurrence 
of 
several 
of 
these 
events. 
A 
blackout 
can 
paralyse 
society’s 
functions 
and 
cause 
major 
damage 
to 
Finnish 
business 
and 
industry. 
Serious 
personal 
injuries, 
damage 
to 
critical 
parts 
of 
the 
grid 
and 
severe 
cyberattacks 
have 
also 
been 
assessed 
as 
significant 
operational 
risks 
by 
Fingrid. 
In 
addition 
to 
the 
significant 
company-level 
risks 
mentioned 
above, 
the 
company’s 
Board 
of 
Directors 
is 
informed 
of 
other 
risks 
identified 
as 
significant 
according 
to 
the 
annual 
schedule. 
During 
the 
first 
half 
of 
2025, 
new 
principles 
approved 
by 
the 
Board 
of 
Directors 
were 
implemented 
in 
Fingrid’s 
comprehensive 
risk 
management. 
At 
the 
same 
time, 
a 
new 
risk 
management 
model 
and 
revised 
assessment 
criteria 
were 
adopted 
in 
risk 
management. 
Risk 
management’s 
situational 
awareness 
has 
been 
expanded, 
and 
it 
is 
based 
on 
risk 
entities 
and 
risks 
that 
cross 
operational 
boundaries, 
which 
are 
reported 
to 
the 
Board 
regularly. 
In 
2025, 
the 
most 
significant 
realised 
operational 
risk 
events 
were 
the 
EstLink 
2 
cable 
damage 
and 
the 
main 
transformer 
damage 
at 
the 
Pyhänselkä 
substation. 
Fingrid’s 
insurance 
arrangements 
support 
the 
company’s 
risk 
management 
strategy. 
Risk 
management 
at 
Fingrid 
is 
described 
in 
more 
detail 
on 
the 
company’s 
website. 
Fingrid’s 
financing 
risks 
are 
described 
in 
more 
detail 
in 
sections 
4.3.2 
and 
4.3.3 
of 
the 
consolidated 
financial 
statements. 
1.5 
Board 
of 
Directors 
and 
corporate 
management 
Fingrid 
Oyj's 
Annual 
General 
Meeting 
was 
held 
in 
Helsinki 
on 
the 
2nd 
of 
April 
2025. 
The 
Annual 
General 
Meeting 
elected 
Fingrid 
Oyj’s 
Board 
of 
Directors 
for 
the 
term 
that 
ends 
at 
the 
close 
of 
the 
next 
Annual 
General 
Meeting. 
Eeva-
Liisa 
Virkkunen 
was 
elected 
as 
a 
new 
member 
of 
the 
Board 
of 
Directors 
and 
also 
as 
the 
new 
Chair 
of 
the 
Board, 
and 
Leena 
Mörttinen 
was 
re-elected 
as 
the 
Deputy 
Chair 
of 
the 
Board. 
Jero 
Ahola, 
Anne 
Jalkala 
and 
Mikko 
Mursula 
were 
re-elected 
as 
Board 
members. 
Hannu 
Linna 
acted 
as 
Chair 
of 
Fingrid 
Oyj’s 
Board 
of 
Directors 
until 
2 
April 
2025. 
Authorised 
Public 
Accountants 
KPMG 
Oy 
Ab 
acted 
as 
Fingrid 
Oyj’s 
auditor, 
with 
Heidi 
Hyry, 
Authorised 
Public 
Accountant 
KHT, 
serving 
as 
the 
responsible 
auditor. 
The 
Board 
of 
Directors 
has 
two 
committees: 
the 
audit 
committee 
and 
the 
remuneration 
committee. 
The 
audit 
committee 
consisted 
in 
2025 
of 
Leena 
Mörttinen 
(Chair), 
Mikko 
Mursula, 
Eeva 
-Liisa 
Virkkunen 
(as 
of 
2 
April 
2025) 
and 
Hannu 
Linna 
(until 
2 
April 
2025). 
The 
remuneration 
committee 
consisted 
in 
2025 
of 
Eeva 
-Liisa 
Virkkunen 
(Chair 
as 
of 
2 
April 
2025), 
Jero 
Ahola, 
Anne 
Jalkala 
and 
Hannu 
Linna 
(Chair 
until 
2 
April 
2025). 
Asta 
Sihvonen-Punkka 
served 
as 
President 
& 
CEO 
of 
the 
company. 
Fingrid 
has 
an 
executive 
management 
group 
which 
supports 
the 
President 
& 
CEO 
in 
the 
company’s 
management 
and 
decision 
-making. 
A 
Corporate 
Governance 
Statement, 
required 
by 
the 
Finnish 
Corporate 
Governance 
Code, 
has 
been 
provided 
separately. 
The 
statement 
and 
other 
information 
required 
by 
the 
Code 
are 
also 
available 
on 
the 
company’s 
website 
at 
www.fingrid.fi. 
1.6 
Share 
capital 

17 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
The 
company’s 
share 
capital 
is 
EUR 
55,922,485.55. 
Fingrid 
shares 
are 
divided 
into 
Series 
A 
shares 
and 
Series 
B 
shares. 
The 
number 
of 
Series 
A 
shares 
is 
2,078 
and 
the 
number 
of 
Series 
B 
shares 
is 
1,247. 
The 
voting 
and 
dividend 
rights 
related 
to 
the 
shares 
are 
described 
in 
more 
detail 
in 
the 
notes 
to 
the 
financial 
statements 
and 
in 
the 
articles 
of 
association 
available 
on 
the 
company’s 
website. 
1.7 
Legal 
proceedings 
and 
proceedings 
by 
authorities 
On 
2 
January 
2024, 
Fingrid 
appealed 
to 
the 
Market 
Court 
against 
the 
Energy 
Authority’s 
decision 
of 
30 
November 
2023 
on 
the 
terms 
and 
conditions 
of 
balance 
service. 
The 
appeal 
mainly 
concerned 
the 
collateral 
model 
for 
balance 
responsible 
parties 
presented 
in 
the 
decision. 
In 
its 
decision 
issued 
on 
17 
October 
2025, 
the 
Market 
Court 
dismissed 
Fingrid’s 
appeal 
in 
its 
entirety 
and 
upheld 
the 
Energy 
Authority’s 
decision. 
The 
Energy 
Authority’s 
decision, 
which 
remains 
valid, 
included 
major 
changes 
to 
the 
previously 
applicable 
collateral 
terms 
and 
set 
apart 
Finland’s 
collateral 
model 
from 
that 
used 
in 
other 
Nordic 
countries. 
As 
a 
result 
of 
the 
decision, 
the 
collateral 
required 
from 
the 
balance 
responsible 
parties 
was 
significantly 
reduced. 
Fingrid 
did 
not 
appeal 
the 
Market 
Court’s 
decision. 
On 
29 
January 
2024, 
Fingrid 
appealed 
to 
the 
Market 
Court 
against 
the 
Energy 
Authority’s 
decision 
on 
the 
regulatory 
methods 
concerning 
the 
specification 
of 
the 
profit 
for 
the 
electricity 
transmission 
grid 
operations 
for 
the 
sixth 
(1 
Jan 
2024–31 
Dec 
2027) 
and 
seventh 
(1 
Jan 
2028–31 
Dec 
2031) 
regulatory 
periods. 
In 
its 
decision, 
the 
Market 
Court 
dismissed 
Fingrid’s 
appeal 
on 
21 
November 
2025. 
Fingrid 
filed 
an 
appeal 
with 
the 
Supreme 
Administrative 
Court 
on 
23 
December 
2025 
against 
the 
Market 
Court’s 
decision, 
as 
the 
current 
regulatory 
methods 
undermine 
the 
company’s 
ability 
to 
develop 
the 
main 
grid, 
implement 
the 
contingency 
measures 
required 
by 
the 
deteriorated 
security 
situation 
and 
ensure 
a 
reasonable 
return 
in 
accordance 
with 
the 
Electricity 
Market 
Act 
in 
a 
rapidly 
changing 
energy 
system. 
In 
Fingrid’s 
assessment, 
the 
regulatory 
methods 
decided 
by 
the 
Energy 
Authority 
represent 
a 
significant 
deterioration 
of 
the 
regulatory 
methods 
that 
ended 
at 
the 
end 
of 
2023. 
On 
12 
September 
2025, 
the 
Market 
Court 
issued 
its 
decision 
on 
the 
appeals 
filed 
by 
Fingrid 
and 
Teollisuuden 
Voima 
Oyj 
against 
the 
Energy 
Authority’s 
decision 
of 
11 
January 
2024 
concerning 
the 
scope 
of 
the 
national 
transmission 
system 
operator’s 
system 
responsibility 
regarding 
the 
grid 
connection 
of 
the 
Olkiluoto 
3 
nuclear 
power 
plant. 
The 
Market 
Court 
ruled 
mainly 
in 
favour 
of 
Fingrid’s 
appeal. 
The 
Market 
Court 
stated 
that 
Fingrid 
itself 
was 
not 
required 
to 
carry 
out 
all 
the 
actions 
necessary 
for 
the 
creation 
and 
operation 
of 
the 
Olkiluoto 
3 
protection 
scheme 
and, 
in 
support 
of 
Fingrid’s 
position, 
that 
the 
system 
protection 
scheme 
could 
be 
agreed 
on 
separately. 
According 
to 
the 
Market 
Court, 
Fingrid 
had 
the 
right 
to 
set 
protection-related 
terms 
and 
conditions 
for 
connecting 
to 
the 
main 
grid, 
without 
being 
fully 
responsible 
for 
fulfilling 
those 
terms 
and 
conditions 
through 
its 
own 
actions 
or 
costs. 
The 
Market 
Court 
also 
concluded 
that 
Fingrid 
had 
not 
violated 
the 
development, 
connection 
or 
transmission 
obligations 
under 
the 
Electricity 
Market 
Act. 
However, 
the 
Market 
Court 
found 
that 
Fingrid 
should 
have 
had 
the 
terms 
and 
conditions 
of 
the 
Olkiluoto 
3 
protection 
scheme 
fees 
approved 
by 
the 
Energy 
Authority. 
On 
27 
October 
2025, 
Fingrid 
appealed 
to 
the 
Supreme 
Administrative 
Court 
against 
the 
Market 
Court’s 
decision, 
because, 
according 
to 
Fingrid’s 
position, 
the 
implementation 
and 
maintenance 
responsibility 
for 
Olkiluoto 
3’s 
system 
protection 
scheme, 
including 
its 
costs, 
are 
in 
no 
way 
part 
of 
Fingrid’s 
system 
responsibility, 
and 
the 
terms 
and 
conditions 
of 
the 
system 
protection 
scheme 
or 
the 
basis 
for 
determining 
fees 
do 
not 
need 
to 
be 
submitted 
to 
the 
Energy 
Authority 
for 
approval. 
In 
accordance 
with 
the 
Energy 
Authority’s 
decision, 
Fingrid 
submitted 
its 
proposal 
concerning 
the 
determination 
principles 
for 
fees 
related 
to 
the 
Olkiluoto 
3 
protection 
scheme 
on 
30 
April 
2024. 
The 
Energy 
Authority 
issued 
its 
decision 
on 
the 
determination 
principles 
for 
fees 
on 
30 
December 
2024. 
According 
to 
the 
decision, 
TVO 
shall 
bear 
the 
costs 
for 
reimbursements 
to 
response 
resources 
connected 
to 
system 
protection 
and 
for 
the 
construction, 
maintenance 
and 
use 
of 
data 
communication 
connections. 
The 
decision 
states 
that 
Fingrid 
shall 
bear 
the 
costs 
for 
acquiring 
the 
response 
resources 
and 
awarding 
contracts, 
managing 
the 
system 
protection 
scheme 
and 
the 
tests 
to 
be 
carried 
out 
on 
the 
response 
resources 
for 
system 
protection, 
as 
well 
as 
for 
the 
maintenance 
of 
the 
measurement 
and 
monitoring 
system 
for 
system 
protection 
in 
Fingrid’s 
operation 
control 
system. 
Fingrid 
and 
TVO 
have 
agreed 
on 
fee 
arrangements 
for 
Olkiluoto 
3’s 
system 
protection 
scheme 
as 
of 
1 
January 
2025. 
The 
agreement 
is 
based 
on 
the 
decision 
issued 
by 
the 
Energy 
Authority 
on 
the 
costs 
for 
the 
system 
protection 
scheme 
on 
30 
December 
2024. 
Fingrid 
and 
TVO 
appealed 
the 
decision 
to 
the 
Market 
Court, 
which 
overturned 
the 
Energy 
Authority’s 
decision 
and 
referred 
the 
matter 
regarding 
the 
determination 
of 
the 
fees 
for 
Olkiluoto 
3’s 
system 
protection 
scheme 
back 
to 
the 
Energy 
Authority 
in 
its 
decision 
issued 
on 
7 
November 
2025. 
On 
10 
December 
2025, 
Fingrid 
appeal 
ed 
with 
the 
Supreme 
Administrative 
Court 
against 
the 
Market 
Court’s 
decision. 

18 
FINGRID 
OYJ 
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3 
March 
2026 
1.8 
Future 
outlook 
Fingrid 
Group’s 
operating 
result 
for 
the 
2026 
financial 
period, 
excluding 
changes 
in 
the 
fair 
value 
of 
derivatives, 
is 
expected 
to 
increase 
clearly 
compared 
to 
2025. 
The 
electricity 
system 
is 
expanding 
and 
becoming 
more 
complex, 
and 
electricity 
transmission 
needs 
are 
growing, 
which 
means 
that 
the 
uncertainty 
related 
to 
the 
development 
of 
the 
company’s 
operating 
costs 
will 
remain 
in 
2026. 
The 
company’s 
financial 
position 
is 
expected 
to 
remain 
stable. 
1.9 
Events 
after 
the 
review 
period 
On 
2 
January 
2026, 
Fingrid 
appealed 
to 
the 
Market 
Court 
against 
the 
Energy 
Authority’s 
decision, 
which 
stated 
that 
there 
are 
insufficient 
long-term 
hedging 
opportunities 
in 
the 
Finnish 
bidding 
area. 
In 
its 
decision, 
the 
Energy 
Authority 
required 
Fingrid 
to 
submit 
a 
proposal 
for 
the 
necessary 
arrangements 
for 
the 
Energy 
Authority’s 
approval 
no 
later 
than 
1 
June 
2026. 
The 
Energy 
Authority’s 
decision 
on 
the 
insufficiency 
of 
hedging 
opportunities 
was 
based 
solely 
on 
trading 
in 
electricity 
derivatives 
exchanges 
in 
recent 
years 
and 
did 
not 
take 
into 
account 
trading 
outside 
of 
electricity 
derivatives 
exchanges. 
Fingrid 
has 
requested 
that 
the 
Energy 
Authority’s 
decision 
be 
overturned 
and 
that 
the 
matter 
be 
referred 
back 
to 
the 
Energy 
Authority 
for 
reprocessing. 
Fingrid 
has 
also 
requested 
a 
stay 
of 
enforcement 
for 
the 
decision 
until 
the 
appeal 
related 
to 
the 
decision 
becomes 
final. 
On 
23 
February 
2026, 
the 
Market 
Court 
rejected 
Fingrid’s 
request 
for 
a 
temporary 
stay 
of 
enforcement 
of 
the 
Energy 
Authority’s 
decision. 
Fingrid 
received 
an 
expropriation 
permit 
for 
the 
widening 
of 
the 
Torna 
–Lautakari 
transmission 
line 
area 
for 
the 
neutral 
line 
on 
27 
October 
2022. 
In 
the 
kick-off 
meeting 
for 
the 
expropriation 
procedure 
on 
1 
December 
2022, 
the 
expropriation 
committee 
decided 
that 
the 
expropriating 
party 
is 
obligated 
to 
assume 
responsibility 
for 
the 
tree 
stands 
within 
the 
scope 
of 
the 
rights 
and 
restrictions 
set 
in 
the 
expropriation 
permit, 
unless 
otherwise 
agreed. 
The 
final 
meeting 
of 
the 
expropriation 
procedure 
was 
held 
on 
16 
November 
2023. 
Fingrid 
appealed 
against 
the 
decision 
concerning 
the 
Torna 
–Lautakari 
tree 
stands’ 
expropriation 
to 
the 
Southwest 
Finland 
District 
Court’s 
Land 
Court 
on 
22 
December 
2023. 
The 
Land 
Court 
rejected 
both 
Fingrid’s 
and 
the 
landowners’ 
appeals 
in 
its 
decision 
issued 
on 
15 
January 
2026, 
and 
did 
not 
alter 
the 
decisions 
of 
the 
expropriation 
committee 
in 
any 
way. 
On 
5 
February 
2026, 
changes 
in 
Fingrid 
Oyj’s 
ownership 
structure 
were 
announced. 
As 
a 
result 
of 
the 
arrangements 
related 
to 
the 
changes 
in 
Fingrid’s 
ownership 
structure, 
the 
State’s 
ownership 
share 
will 
increase 
to 
59.5 
per 
cent, 
and 
OP 
Pohjola 
Kantaverkko 
Holding 
Ky’s 
share 
will 
be 
14.2 
per 
cent. 
Ilmarinen 
Mutual 
Pension 
Insurance 
Company 
is 
selling 
its 
holding 
of 
approximately 
20 
per 
cent 
of 
the 
shares 
in 
the 
company. 
1.10 
Board 
of 
Directors’ 
proposal 
for 
the 
distribution 
of 
profit 
The 
guiding 
principle 
for 
Fingrid’s 
dividend 
policy 
is 
to 
distribute 
substantially 
all 
of 
the 
parent 
company 
profit 
as 
dividends. 
When 
making 
the 
decision, 
however, 
the 
economic 
conditions, 
the 
company’s 
near-term 
capital 
expenditure 
and 
development 
needs 
as 
well 
as 
any 
prevailing 
financial 
targets 
of 
the 
company 
are 
always 
taken 
into 
account. 
Fingrid 
Oyj’s 
parent 
company’s 
profit 
for 
the 
financial 
year 
was 
EUR 
196,767,475.93 
and 
distributable 
funds 
in 
the 
financial 
statements 
total 
EUR 
233,705,190.74. 
Since 
the 
close 
of 
the 
financial 
year, 
there 
have 
been 
no 
material 
changes 
in 
the 
company’s 
financial 
position 
and, 
in 
the 
Board 
of 
Directors’ 
view, 
the 
proposed 
dividend 
distribution 
does 
not 
compromise 
the 
company’s 
solvency. 
After 
the 
closing 
date, 
the 
Board 
of 
Directors 
has 
proposed 
to 
the 
Annual 
General 
Meeting 
of 
shareholders, 
on 
the 
basis 
of 
the 
balance 
sheet 
adopted 
for 
the 
financial 
period 
that 
ended 
on 
31 
December 
2025, 
a 
dividend 
totalling 
EUR 
137,858,500.00 
at 
maximum. 
The 
dividend 
shall 
be 
paid 
in 
two 
instalments. 
The 
first 
instalment 
of 
EUR 
36,300.00 
for 
each 
Series 
A 
share 
and 
EUR 
13,300.00 
for 
each 
Series 
B 
share, 
totalling 
EUR 
92,016,500.00 
in 
dividends, 
shall 
be 
paid 
on 
30 
March 
2026. 
The 
second 
instalment, 
totalling 
EUR 
45,842,000.00 
at 
maximum, 
will 
be 
paid 
according 
to 
the 
Board 
of 
Directors’ 
decision 
based 
on 
the 
authorisation 
given 
to 
the 
Board 
in 
the 
Annual 
General 
Meeting. 
The 
Board 
has 
the 
right 
to 
decide, 
based 
on 
the 
authorisation 
granted 
to 
it, 
on 
the 
payment 
of 
the 
second 
dividend 
instalment 
after 
the 
half-year 
report 
has 
been 
confirmed 
and 
it 
has 
assessed 
the 
company’s 
solvency, 
financial 

19 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
position 
and 
financial 
development. 
The 
Board 
will 
distribute 
the 
dividend 
to 
the 
shareholders 
of 
the 
different 
share 
series 
in 
the 
manner 
prescribed 
by 
the 
Articles 
of 
Association 
in 
force 
at 
the 
time 
of 
the 
Board’s 
decision. 
The 
dividends 
decided 
on 
with 
the 
Board’s 
authorisation 
will 
be 
paid 
on 
the 
third 
banking 
day 
after 
the 
decision. 
The 
authorisation 
is 
proposed 
to 
remain 
valid 
until 
the 
next 
Annual 
General 
Meeting. 
1.11 
Annual 
General 
Meeting 
2026 
Fingrid 
Oyj’s 
Annual 
General 
Meeting 
is 
scheduled 
to 
be 
held 
on 
25 
March 
2026 
in 
Helsinki. 
In 
Helsinki, 
on 
3 
March 
2026 
Fingrid 
Oyj 
Board 
of 
Directors 
1.12 
Sustainability 
statement 
1.12.1 
General 
information 
1. 
Basis 
for 
preparation 
BP-1 
General 
basis 
for 
preparation 
of 
sustainability 
statements 
The 
sustainability 
statement 
covers 
information 
on 
Fingrid 
Group. 
The 
Group 
comprises, 
in 
addition 
to 
the 
parent 
company 
Fingrid 
Oyj 
(“Fingrid”), 
two 
subsidiaries 
that 
are 
wholly 
owned 
by 
Fingrid, 
Finextra 
Oy 
(“Finextra”) 
and 
Fingrid 
Datahub 
Oy 
(“Fingrid 
Datahub”). 
The 
scope 
of 
consolidation 
is 
the 
same 
as 
for 
the 
financial 
statements. 
The 
report 
essentially 
covers 
the 
upstream 
and 
downstream 
value 
chain 
information, 
which, 
as 
described 
in 
more 
detail 
elsewhere 
in 
this 
report, 
focuses 
on 
the 
climate, 
the 
grid 
building 
materials, 
the 
value 
chain 
workers 
especially 
in 
Finland, 
the 
landowners 
as 
an 
affected 
community, 
and 
data 
protection, 
information 
security 
and 
system 
security 
from 
the 
perspectives 
of 
consumers 
and 
end-users. 
No 
information 
has 
been 
omitted 
for 
reasons 
such 
as 
security 
classification, 
sensitivity 
or 
secrecy 
of 
innovations. 
The 
calculation 
principles 
are 
presented 
in 
connection 
with 
each 
sustainability 
topic. 
BP-2 
Disclosures 
in 
relation 
to 
specific 
circumstances 
Any 
sustainability 
information 
that 
has 
been 
estimated 
using 
indirect 
sources 
is 
addressed 
in 
connection 
with 
the 
relevant 
disclosures 
(Preparation 
and 
calculation 
principles). 
The 
sustainability 
statement 
includes 
Fingrid’s 
corporate 
responsibility 
ESG 
targets 
that 
the 
company 
uses 
to 
track 
the 
effectiveness 
of 
measures 
related 
to 
the 
management 
of 
material 
sustainability 
matters 
in 
the 
years 
2025–2030. 
The 
company’s 
ESG 
targets 
for 
2025–2030 
cover 
climate 
and 
environmental 
responsibility 
(E), 
social 
responsibility 
(S) 
and 
good 
governance 
(G). 
Fingrid 
signed 
the 
Global 
Compact 
initiative 
of 
the 
United 
Nations 
(UN) 
in 
2016. 
The 
company’s 
ESG 
targets 
contribute 
especially 
to 
the 
UN’s 
Global 
Sustainable 
Development 
Goals 
(SDGs) 
related 
to 
energy 
(SDG 
7), 
infrastructure 
(SDG 
9) 
and 
climate 
action 
(SDG 
13). 
Through 
its 
business, 
the 
company 
also 
contributes 
clearly 
to 
six 
other 
SDGs 
related 
to 
equality 
(SDG 
5), 
work 
and 
economic 
growth 
(SDG 
8), 
consumption 
(SDG 
12), 
life 
on 
land 
(SDG 
15), 
good 
governance 
(SDG 
16) 
and 
partnerships 
(SDG 
17). 
The 
contents 
of 
the 
industry 
-specific 
SASB 
standard 
are 
reported 
separately. 
SASB, 
or 
the 
Sustainability 
Accounting 
Standards 
Board, 
has 
published 
the 
sustainability 
reporting 
topics 
and 
indicators 
that 
are 
material 
for 
the 
Electric 
Utilities 
& 
Power 
Gener 
ators 
sector 
2. 
Governance 
GOV 
–1 
The 
role 
of 
the 
administrative, 
management 
and 
supervisory 
bodies 
In 
Fingrid’s 
sustainability 
work, 
the 
highest 
responsibility 
for 
sustainable 
development 
principles 
and 
promoting 
them 
lies 
with 
the 
company’s 
Board 
of 
Directors, 
which 
approves 
the 
company’s 
Code 
of 
Conduct. 
Based 
on 
the 
materiality 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20 
FINGRID 
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3 
March 
2026 
assessment, 
the 
Board 
of 
Directors 
adopts 
the 
corporate 
responsibility 
ESG 
targets 
and 
monitors 
their 
implementation. 
Corporate 
responsibility 
reporting 
to 
the 
Board 
of 
Directors 
takes 
place 
regularly 
and 
as 
part 
of 
risk 
management. 
Compliance 
and 
corporate 
responsibility 
management 
is 
integrated 
into 
Fingrid’s 
strategy, 
management 
system, 
risk 
management 
and 
financial 
steering. 
In 
accordance 
with 
the 
articles 
of 
association, 
the 
Board 
of 
Directors 
consists 
of 
five 
members. 
The 
Board 
of 
Directors 
does 
not 
include 
representatives 
of 
management 
or 
other 
employees. 
All 
Board 
members 
are 
independent 
of 
the 
company. 
Two 
of 
them 
are 
not 
independent 
of 
the 
company’s 
owners. 
The 
information 
on 
the 
composition 
and 
diversity 
of 
the 
members 
of 
Fingrid’s 
highest 
governance 
body 
is 
described 
in 
the 
following 
table. 
Members 
of 
the 
Board 
of 
Directors 
2025 
2024 
Number 
of 
board 
members 
5 
5 
Number 
of 
board 
members, 
female 
3 
2 
Number 
of 
board 
members, 
male 
2 
3 
Number 
of 
board 
members, 
female 
(%) 
60 
40 
Number 
of 
board 
members, 
male 
(%) 
40 
60 
Those 
involved 
in 
business 
management 
14 
14 
Other 
members 
1 
0 
Percentage 
of 
independent 
board 
members 
(%) 
60 
60 
Fingrid’s 
executives 
include 
the 
Group’s 
executive 
management 
group 
and 
the 
members 
of 
the 
Board 
of 
Directors. 
As 
of 
1 
October 
2025, 
Fingrid’s 
executive 
management 
group 
has 
included 
an 
administrative 
representative 
of 
the 
personnel. 
The 
company’s 
Board 
of 
Directors 
is 
responsible 
for 
organising 
internal 
control 
and 
risk 
management, 
and 
approves 
the 
principles 
of 
internal 
control 
and 
risk 
management 
at 
least 
every 
two 
years 
and 
more 
often, 
if 
necessary. 
The 
Board 
defines 
the 
company’s 
most 
significant 
risks 
and 
related 
management 
procedures, 
and 
oversees 
their 
implementation. 
The 
Board 
decides 
on 
the 
operating 
model 
for 
the 
company’s 
internal 
audit. 
The 
Board 
members 
regularly 
receive 
information 
on 
the 
internal 
audit 
results 
as 
well 
as 
a 
status 
update 
at 
least 
once 
a 
year 
on 
the 
significant 
risks 
and 
continuity 
threats 
relating 
to 
the 
company’s 
operations, 
and 
their 
management 
and 
realisation. 
To 
ensure 
the 
effective 
fulfilment 
of 
the 
Board 
of 
Directors’ 
supervisory 
tasks, 
the 
Board 
has 
two 
committees: 
the 
audit 
committee 
and 
the 
remuneration 
committee. 
Both 
committees 
are 
appointed 
by 
and 
assist 
the 
Board 
of 
Directors. 
The 
members 
of 
the 
company’s 
Board 
of 
Directors 
have 
adequate 
and 
mutually 
complementary 
experience 
and 
expertise 
in 
the 
areas 
essential 
for 
the 
company’s 
business 
and 
societal 
role, 
and 
sustainability 
matters. 
The 
sectors 
and 
areas 
of 
expertise 
and 
experience 
represented 
in 
the 
Board 
include 
industry 
and 
the 
energy 
sector, 
corporate 
responsibility 
and 
sustainability 
matters, 
financing 
and 
accounting, 
as 
well 
as 
state 
administration. 
The 
Board 
members 
have 
also 
accumulated 
experience 
in 
the 
sector 
and 
its 
sustainability-related 
impacts, 
risks 
and 
opportunities 
through 
the 
operational 
activities 
addressed 
by 
the 
board 
and 
through 
other 
positions 
of 
trust. 
Regular 
reporting 
on 
sustainability 
matters 
in 
accordance 
with 
the 
annual 
cycle 
and 
a 
corporate 
responsibility 
review 
conducted 
once 
a 
year 
contribute 
to 
ensuring 
the 
Board’s 
and 
its 
committees’ 
expertise 
in 
sustainability 
-related 
impacts, 
risks 
and 
opportunities. 
Where 
required, 
in-house 
expertise 
is 
complemented 
with 
external 
expertise. 
The 
President 
& 
CEO 
is 
responsible 
for 
arranging 
corporate 
responsibility 
management 
and 
its 
integration 
in 
business 
operations. 
The 
President 
& 
CEO 
and 
the 
heads 
of 
functions 
are 
each 
responsible 
for 
compliance 
and 
corporate 
responsibility 
management 
within 
their 
areas 
of 
responsibility. 
The 
executive 
management 
group 
regularly 
reviews 
corporate 
responsibility 
issues, 
and 
social 
issues 
and 
environmental 
impacts 
are 
taken 
into 
account 
in 
decision-
making 
alongside 
financial 
profitability. 
In 
terms 
of 
the 
ESG 
targets 
of 
corporate 
responsibility, 
each 
target 
has 
a 
director 
appointed 
by 
the 
President 
& 
CEO 
from 
the 
executive 
management 
group. 
The 
appointed 
director 
is 
responsible 
for 
monitoring 
together 
with 
the 
director 
in 
charge 
of 
corporate 
responsibility. 
The 
Compliance 
and 
Responsibility 
Team 
headed 
by 
the 
director 
in 
charge 
of 
corporate 
responsibility 
is 
responsible 
for 
developing 
corporate 
responsibility 
and 
coordinating 
sustainability 
work 
within 
the 
company. 
GOV 
-2 
– 
Information 
provided 
to 
and 
sustainability 
matters 
addressed 
by 
the 
undertaking’s 
administrative, 
management 
and 
supervisory 
bodies
The 
Board 
of 
Directors 
is 
informed 
about 
material 
sustainability 
-related 
impacts, 
risks 
and 
opportunities 
through 
regular 
reporting 
in 
accordance 
with 
the 
annual 
cycle 
and 
an 
annual 
corporate 
responsibility 
review 
summarising 

21 
FINGRID 
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3 
March 
2026 
sustainability 
matters 
by 
the 
director 
in 
charge 
of 
corporate 
responsibility. 
Corporate 
responsibility 
aspects 
are 
included 
in 
the 
Board 
of 
Directors’ 
decision-making 
on 
investments, 
for 
example, 
and 
company’s 
strategic 
decisions. 
When 
reviewing 
investment 
proposals, 
the 
Board 
of 
Directors 
is 
informed 
about 
the 
material 
risks 
and 
about 
potential 
positive 
sustainability 
-related 
impacts. 
When 
making 
investment 
decisions, 
the 
Board 
of 
Directors 
reviews, 
where 
necessary, 
the 
trade 
-offs 
concerning 
the 
impacts, 
risks 
and 
opportunities 
in 
relation 
to 
the 
targets. 
During 
the 
2025 
financial 
year, 
the 
Board 
of 
Directors 
convened 
18 
(12) 
times 
and 
addressed 
the 
following 
sustainability 
topics 
that 
had 
been 
prepared 
in 
the 
executive 
management 
group 
or 
in 
the 
committees: 
-
 
the 
company’s 
overall 
strategy 
and 
strategic 
targets 
(new 
solutions 
for 
customer 
needs, 
an 
operating 
model 
to 
respond 
to 
the 
transformation 
and 
anticipate 
security/safety 
concerns), 
strategic 
choices 
(focusing 
on 
the 
core 
mission, 
customer 
focus, 
internati 
onalisation, 
market 
focus, 
productivity 
and 
world 
-class 
expertise, 
and 
security 
and 
sustainability) 
presented 
by 
the 
President 
& 
CEO 
and 
the 
monitoring 
of 
these, 
including 
the 
company’s 
financial 
sustainability 
in 
a 
tighter 
risk 
environment 
presented 
by 
th 
e 
CFO. 
-
 
the 
internal 
audit’s 
audit 
plan 
presented 
by 
a 
member 
of 
the 
Audit 
Committee, 
which 
included 
an 
audit 
of 
the 
reporting 
channel 
and 
other 
feedback 
channels, 
an 
audit 
of 
the 
procurement 
process, 
a 
compliance 
audit 
of 
the 
organisation 
of 
market 
surveillance, 
its 
development 
and 
implementation 
as 
well 
as 
related 
regulations, 
and 
a 
compliance 
audit 
of 
the 
implementation 
of 
the 
NIS2 
regulation 
on 
cybersecurity. 
-
 
status 
reports 
on 
the 
company’s 
precautionary 
and 
contingency 
plan 
presented 
by 
the 
director 
of 
power 
system 
operations 
and 
the 
main 
grid 
control 
centre 
manager. 
-
 
the 
remuneration 
committee 
matters 
presented 
by 
the 
chair 
of 
the 
Board 
of 
Directors. 
-
 
the 
remuneration 
report 
and 
remuneration 
policy 
presented 
by 
the 
President 
& 
CEO 
and 
the 
actual 
remuneration 
of 
personnel 
and 
the 
executive 
management 
group 
in 
2024. 
-
 
the 
personnel 
review 
presented 
by 
the 
HR 
director. 
-
 
ICT 
and 
information 
security 
risks 
presented 
by 
the 
ICT 
Director. 
-
 
the 
corporate 
responsibility 
review 
for 
2025, 
including 
the 
double 
materiality 
assessment, 
presented 
by 
the 
director 
in 
charge 
of 
corporate 
responsibility. 
The 
review 
included 
a 
company 
-level 
summary 
of 
the 
management 
of 
Fingrid’s 
sustainability 
work, 
performance 
against 
the 
targets 
and 
key 
measures 
in 
2025 
related 
to 
the 
climate, 
nature, 
materials, 
own 
workforce, 
value 
chain 
workers, 
landowners, 
data 
protection, 
information 
security, 
business 
practices 
and 
system 
security. 
The 
review 
also 
included 
information 
about 
reports 
received 
via 
the 
reporting 
channel. 
-
 
the 
Corporate 
Governance 
Statements 
for 
2024 
and 
2025 
presented 
by 
the 
director 
in 
charge 
of 
corporate 
responsibility. 
-
 
the 
investment 
reviews 
and 
investment 
proposals 
presented 
by 
the 
deputy 
managing 
director. 
Occupational 
safety 
targets 
and 
measures 
were 
monitored 
regularly. 
Occupational 
safety 
was 
addressed 
from 
various 
perspectives 
by 
the 
Board 
of 
Directors, 
the 
audit 
committee 
and 
the 
shareholders’ 
meeting. 
The 
Board 
of 
Directors 
addresses, 
for 
example, 
in 
the 
beginning 
of 
each 
year, 
the 
exact 
occupational 
safety 
figures 
for 
the 
previous 
year, 
and 
occupational 
safety 
is 
considered 
when 
making 
investment 
decisions. 
In 
2025, 
the 
audit 
committee 
convened 
4 
(4) 
times. 
The 
President 
& 
CEO, 
the 
CFO, 
the 
director 
in 
charge 
of 
power 
system 
operations, 
the 
HR 
director 
and 
the 
director 
in 
charge 
of 
corporate 
responsibility 
participated 
in 
the 
committee’s 
meetings. 
In 
its 
meetings, 
the 
audit 
committee 
addressed 
matters 
such 
as 
the 
annual 
internal 
audit 
plan 
and 
reports, 
the 
company’s 
key 
risks, 
the 
Corporate 
Governance 
Statement, 
and 
status 
reviews 
of 
the 
sustainability 
reporting 
assurance 
and 
sustainable 
development 
reporting 
process. 
The 
committee 
also 
addressed 
business 
risks 
identified 
through 
projects 
related 
to 
the 
company’s 
strategy, 
as 
presented 
by 
the 
responsible 
directors. 
In 
2025, 
the 
remuneration 
committee 
convened 
4 
(3) 
times. 
The 
President 
& 
CEO 
and 
the 
HR 
director 
participated 
in 
the 
committee’s 
meetings. 
The 
topics 
addressed 
by 
the 
remuneration 
committee 
included 
the 
remuneration 
policy 
of 
the 
governing 
bodies, 
the 
actual 
remuneration 
of 
personnel 
and 
the 
executive 
management 
group 
in 
2024 
and 
the 
remuneration 
for 
2026. 
GOV 
-3 
Integration 
of 
sustainability 
-related 
performance 
in 
incentive 
schemes
 
The 
Board 
of 
Directors 
approves 
the 
conditions 
of 
the 
company’s 
incentive 
schemes. 
Sustainability 
-related 
factors 
have 
an 
impact 
on 
the 
remuneration 
of 
the 
President 
& 
CEO 
and 
other 
executives, 
as 
most 
of 
the 
metrics 
used 
in 
the 
remuneration 
schemes 
are 
also 
the 
company’s 
key 
metrics 
for 
ESG 
targets. 
The 
social 
responsibility 
KPIs 
under 
the 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
22 
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3 
March 
2026 
short-term 
incentive 
scheme 
for 
the 
executive 
management 
are 
safety 
and 
leadership. 
Under 
the 
long-term 
incentive 
scheme, 
the 
KPIs 
are 
high 
system 
security 
and 
mitigating 
climate 
change 
by 
connecting 
renewable 
energy 
to 
the 
main 
grid 
. 
Responsibility 
for 
human 
rights 
is 
considered 
by 
using 
the 
system 
security 
of 
electricity 
transmission, 
which 
is 
related 
to 
protecting 
life 
and 
health, 
as 
a 
company-level 
KPI 
for 
remuneration. 
In 
addition, 
management 
and 
supervisors 
have 
a 
management 
KPI 
that 
covers 
themes 
related 
to 
the 
promotion 
of 
human 
rights. 
Sustainability 
targets 
accounted 
for 
44
(64) 
per 
cent 
of 
management’s 
variable 
pay. 
Climate 
targets 
accounted 
for 
0 
(0) 
per 
cent 
of 
management’s 
variable 
pay. 
From 
a 
climate 
change 
perspective, 
performance 
is 
not 
evaluated 
in 
relation 
to 
the 
GHG 
emission 
reduction 
target. 
GOV 
-4 
Statement 
on 
due 
diligence
The 
following 
table 
summarises 
the 
core 
elements 
and 
steps 
of 
the 
due 
diligence 
process 
with 
regard 
to 
sustainability 
matters 
applied 
by 
Fingrid 
and 
the 
company’s 
actual 
due 
diligence 
practices, 
with 
reference 
to 
the 
location 
of 
the 
information 
in 
the 
sust 
ainability 
statement. 
The 
materiality 
assessment 
took 
into 
account 
Fingrid’s 
sustainability 
due 
diligence 
process, 
which 
the 
company 
uses 
to 
observe, 
prevent 
and 
mitigate 
actual 
and 
potential 
negative 
impacts 
on 
people 
and 
the 
environment. 
This 
continuous 
due 
diligence 
process 
is 
based 
on 
the 
human 
rights 
impact 
assessment, 
which 
identified 
the 
company’s 
existing 
practices 
and 
their 
development 
needs 
in 
order 
to 
integrate 
responsibility 
for 
human 
rights 
into 
the 
company’s 
functions, 
monitoring 
and 
communication. 
CORE 
ELEMENTS 
OF 
DUE 
DILIGENCE; 
PARAGRAPHS 
IN 
THE 
SUSTAINABILITY 
STATEMENT 
a) 
Embedding 
due 
diligence 
in 
governance, 
strategy 
and 
business 
model 
As 
described 
in 
the 
sustainability 
statement 
section 
‘EU 
taxonomy’, 
Fingrid 
started 
to 
further 
sharpen 
its 
human 
rights 
focus 
with 
an 
overall 
assessment 
in 
accordance 
with 
the 
UN’s 
Guiding 
Principles 
in 
2016. 
Based 
on 
that, 
the 
company 
has 
worked 
to 
embed 
human 
rights 
work 
in 
its 
governance, 
strategy 
and 
business 
model. 
Sustainability-related 
risks, 
including 
the 
climate 
and 
human 
rights, 
are 
part 
of 
Fingrid’s 
enterprise 
risk 
management 
(ERM), 
which 
is 
elaborated 
further 
in 
connection 
with 
disclosure 
requirement 
IRO-1 
(Description 
of 
the 
process 
to 
identify 
and 
assess 
material 
impacts, 
risks 
and 
opportunities). 
Considering 
human 
rights 
responsibility 
in 
management's 
and 
personnel’s 
remuneration 
is 
described 
in 
connection 
with 
disclosure 
requirement 
GOV-3 
(Integration 
of 
sustainability-related 
performance 
in 
incentive 
schemes). 
The 
due 
diligence 
principle 
is 
embedded 
in 
Fingrid’s 
Code 
of 
Conduct, 
which 
is 
described 
in 
more 
detail 
in 
connection 
with 
disclosure 
requirement 
G1-1 
(Business 
conduct 
policies 
and 
corporate 
culture). 
b) 
Engaging 
with 
affected 
stakeholders 
in 
all 
key 
steps 
of 
the 
due 
diligence 
process 
Affected 
stakeholders 
are 
involved 
in 
planning 
measures 
to 
mitigate 
human 
rights 
risks. 
These 
stakeholders 
include, 
in 
particular, 
own 
workforce, 
service 
providers’ 
employees, 
and 
landowners 
on 
whose 
land 
Fingrid 
has 
acquired 
a 
right-of-use 
for 
transmission 
lines 
through 
an 
expropriation 
procedure. 
The 
processes 
for 
engaging 
with 
affected 
communities 
about 
impacts 
are 
described 
in 
more 
detail 
in 
connection 
with 
the 
following 
disclosure 
requirements:
 
-
with 
regard 
to 
own 
workforce
 
S1-2 
(Processes 
for 
engaging 
with 
own 
workforce 
and 
workers’ 
representatives 
about 
impacts), 
-
with 
regard 
to 
value 
chain 
workers
 
S2-2 
(Processes 
for 
engaging 
with 
value 
chain 
workers 
about 
impacts), 
-
with 
regard 
to 
landowners
 
S3-2 
(Processes 
for 
engaging 
with 
affected 
communities 
about 
impacts), 
-
with 
regard 
to 
consumers 
and 
end-users
 
S4-2 
(Processes 
for 
engaging 
with 
consumers 
and 
end-users 
about 
impacts) 
and 
-
with 
regard 
to 
service 
providers
 
G1-2 
(Management 
of 
relationships 
with 
suppliers). 
c) 
Identifying 
and 
assessing 
adverse 
impacts 

 
 
 
 
 
 
 
 
 
 
 
 
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The 
latest 
human 
rights 
impact 
assessment 
in 
accordance 
with 
the 
UN’s 
Guiding 
Principles 
was 
carried 
out 
jointly 
with 
external 
human 
rights 
experts 
in 
2023. 
This 
is 
elaborated 
further 
in 
the 
section 
‘EU 
taxonomy’. 
The 
most 
significant 
human 
rights 
issues 
for 
Fingrid 
as 
Finland’s 
transmission 
system 
operator 
are 
related 
to 
the 
protection 
of 
life 
and 
health, 
data 
protection 
and 
the 
responsibility 
of 
supply 
chains. 
The 
most 
material 
impacts 
related 
to 
the 
protection 
of 
life 
and 
health 
are 
described 
in 
more 
detail 
in 
the 
sections 
‘Impacts, 
risks 
and 
opportunities’, 
in 
standard 
S1 
(own 
workforce), 
in 
standard 
S2 
(value 
chain 
workers), 
in 
standard 
S3 
(landowners) 
and 
in 
the 
section 
‘Entity-specific 
material 
disclosures’ 
(system 
security). 
Data 
protection 
and 
secure 
personal 
data 
processing 
are 
addressed 
in 
standard 
S4 
(consumers 
and 
end-users). 
The 
responsibility 
of 
supply 
chains 
is 
covered 
in 
connection 
with 
disclosure 
requirements 
G1-1 
(Business 
conduct 
policies 
and 
corporate 
culture) 
and 
G1-2 
(Management 
of 
relationships 
with 
suppliers). 
 
d) 
Taking 
actions 
to 
address 
those 
adverse 
impacts 
The 
results 
of 
the 
human 
rights 
impacts 
assessments 
are 
incorporated 
into 
the 
processes 
linked 
to 
the 
human 
rights 
risks 
that 
were 
brought 
to 
light. 
As 
the 
processes 
change, 
it 
is 
ensured 
they 
do 
not 
give 
rise 
to 
negative 
human 
rights 
impacts. 
Activities 
harming 
human 
rights 
are 
addressed 
in 
compliance 
with 
the 
company’s 
human 
rights 
commitment, 
including 
corrective 
action 
when 
needed. 
The 
company’s 
human 
rights 
action 
plan 
is 
updated 
annually. 
The 
implementation 
of 
measures 
with 
regard 
to 
protecting 
life 
and 
health 
is 
described 
in 
more 
detail 
in 
the 
sustainability 
statement 
in 
connection 
with 
the 
following 
topic-specific 
disclosure 
requirements: 
-
with 
regard 
to 
own 
workforce
 
S1-3 
(Processes 
to 
remediate 
negative 
impacts 
and 
channels 
for 
own 
workforce 
to 
raise 
concerns) 
and 
S1-4 
(Taking 
action 
on 
material 
impacts 
on 
own 
workforce, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
own 
workforce, 
and 
effectiveness 
of 
those 
actions), 
-
with 
regard 
to 
value 
chain 
workers 
S2-3 
(Processes 
to 
remediate 
negative 
impacts 
and 
channels 
for 
value 
chain 
workers 
to 
raise 
concerns) 
and 
S2-4 
(Taking 
action 
on 
material 
impacts 
on 
value 
chain 
workers, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
value 
chain 
workers, 
and 
effectiveness 
of 
those 
actions), 
-
with 
regard 
to 
landowners
 
S3-3 
(Processes 
to 
remediate 
negative 
impacts 
and 
channels 
for 
affected 
communities 
to 
raise 
concerns) 
and 
S3-4 
(Taking 
action 
on 
material 
impacts 
on 
affected 
communities, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
affected 
communities, 
and 
effectiveness 
of 
those 
actions), 
-
with 
regard 
to 
data 
protection 
and 
secure 
personal 
data 
processing
 
S4-3 
(Processes 
to 
remediate 
negative 
impacts 
and 
channels 
for 
consumers 
and 
end-users 
to 
raise 
concerns) 
and 
S4-4 
(Taking 
action 
on 
material 
impacts 
on 
consumers 
and 
end-users, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
consumers 
and 
end-users, 
and 
effectiveness 
of 
those 
actions), 
and 
-
with 
regard 
to 
the 
responsibility 
of 
procurement
 
G1-1 
(Business 
conduct 
policies 
and 
corporate 
culture) 
and 
G1-
2 
(Management 
of 
relationships 
with 
suppliers). 
e) 
Tracking 
the 
effectiveness 
of 
these 
efforts 
and 
communicating 
Tracking 
of 
the 
measures 
and 
communicating 
on 
them 
as 
well 
as 
the 
potential 
negative 
human 
rights 
impacts 
are 
raised 
in 
this 
sustainability 
statement. 
Communications 
overall 
serve 
to 
ensure 
awareness 
of 
the 
reporting 
channel 
available 
to 
anyone 
on 
Fingrid’s 
public 
website 
and 
the 
related 
procedures 
designed 
to 
protect 
whistleblowers. 
Monitoring 
to 
protect 
life 
and 
health 
is 
carried 
out 
continuously 
through 
personnel 
and 
landowner 
surveys 
and 
by 
safety 
metrics. 
These 
cover, 
for 
example, 
personnel’s 
well-being 
and 
the 
employee 
Net 
Promoter 
Score 
(eNPS), 
absences 
due 
to 
illness 
and 
the 
lost-time 
injury 
frequency 
(LTIF). 
The 
metrics 
also 
cover 
compliance 
in 
data 
protection 
and 
secure 
processing 
of 
personal 
data. 
In 
procurement, 
monitoring 
is 
implemented 
through 
audits 
and 
corrective 
action 
to 
remedy 
any 
deviations. 
The 
metrics 
and 
targets 
are 
described 
in 
connection 
with 
the 
following 
disclosure 
requirements: 
-
with 
regard 
to 
own 
workforce
 
S1-5 
(Targets 
related 
to 
managing 
material 
negative 
impacts, 
advancing 
positive 
impacts, 
and 
managing 
material 
risks 
and 
opportunities), 
S1-9 
(Diversity 
metrics), 
S1-14 
(Health 
and 
safety 
metrics), 
and 
S1-16 
(Remuneration 
metrics 
[pay 
gap 
and 
total 
remuneration]), 
-
with 
regard 
to 
value 
chain 
workers
 
S2-5 
(Targets 
related 
to 
managing 
material 
negative 
impacts, 
advancing 
positive 
impacts, 
and 
managing 
material 
risks 
and 
opportunities), 
-
with 
regard 
to 
landowners
 
S3-5 
(Targets 
related 
to 
managing 
material 
negative 
impacts, 
advancing 
positive 
impacts, 
and 
managing 
material 
risks 
and 
opportunities), 

 
 
 
 
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March 
2026 
-
with 
regard 
to 
data 
protection 
and 
secure 
personal 
data 
processing
 
S4-5 
(Targets 
related 
to 
managing 
material 
negative 
impacts, 
advancing 
positive 
impacts, 
and 
managing 
material 
risks 
and 
opportunities), 
and 
-
with 
regard 
to 
the 
responsibility 
of 
procurement
 
G1-4 
(Corruption 
and 
bribery). 
GOV 
-5 
Risk 
management 
and 
internal 
controls 
over 
sustainability 
reporting 
The 
internal 
control 
systems 
relating 
to 
the 
sustainability 
reporting 
process 
are 
part 
of 
the 
overall 
system 
of 
Fingrid’s 
internal 
control, 
as 
is 
the 
control 
of 
the 
financial 
reporting 
process. 
Controls 
pertaining 
to 
risk 
management 
are 
set 
throughout 
the 
Group, 
at 
all 
levels 
and 
all 
units 
of 
the 
Group. 
Examples 
of 
the 
controls 
include 
internal 
guidelines, 
approval 
procedures 
and 
authorisations, 
cross 
-checking 
with 
cost 
accounting, 
matching, 
verifications, 
assessment 
of 
operative 
efficiency, 
securing 
of 
assets, 
and 
differentiation 
of 
tasks. 
The 
CFO 
is 
responsible 
for 
the 
control 
environment 
related 
to 
both 
the 
financial 
reporting 
process 
and 
sustainability 
reporting. 
The 
director 
in 
charge 
of 
corporate 
responsibility 
is 
responsible 
for 
the 
compliance 
of 
sust 
ainability 
reporting. 
The 
identified 
risks 
related 
to 
sustainability 
reporting 
are 
equated 
with 
other 
sustainability 
risks 
and 
are 
considered 
as 
important 
as 
the 
other 
risks 
mentioned 
and 
identified 
in 
the 
sustainability 
statement. 
An 
integrated 
model 
related 
to 
risk 
management 
is 
applied 
to 
sustainability 
reporting. 
With 
regard 
to 
the 
sustainability 
reporting 
process, 
the 
completeness 
and 
integrity 
of 
the 
data 
and 
the 
integrity 
of 
the 
reporting 
chain 
have 
been 
identified 
as 
risks. 
The 
observations 
related 
to 
sustainability 
reporting 
are 
reported 
regularly 
to 
the 
Board 
of 
Directors 
by 
the 
director 
in 
charge 
of 
corporate 
responsibility. 
3. 
Strategy 
SBM–1 
Strategy, 
business 
model 
and 
value 
chain 
Transmission 
system 
operators 
have 
a 
special 
role 
both 
in 
Finland 
and 
elsewhere. 
They 
are 
entrusted 
with 
the 
functioning 
and 
development 
of 
the 
power 
system, 
which 
is 
essential 
to 
society, 
and 
are 
strictly 
regulated 
monopolies. 
Fingrid 
is 
Finland’s 
electricity 
transmission 
system 
operator, 
whose 
tasks 
are 
defined 
in 
the 
Finnish 
Electricity 
Market 
Act. 
The 
company’s 
obligations 
are 
to 
maintain, 
operate 
and 
develop 
its 
electricity 
network 
and 
connections 
to 
other 
networks, 
connect 
new 
electricity 
production 
and 
consumption 
to 
the 
electricity 
network, 
transmit 
electricity 
and 
maintain 
a 
balance 
between 
electricity 
consumption 
and 
production. 
In 
addition, 
the 
company 
has 
the 
obligation 
to 
develop 
the 
electricity 
market. 
The 
EU 
Regulation 
on 
the 
internal 
market 
for 
electricity 
obligates 
Fingrid 
to 
co-operate 
within 
ENTSO-E, 
the 
European 
Network 
of 
Transmission 
System 
Operators 
for 
Electricity, 
and 
also 
regionally 
with 
Nordic 
and 
Baltic 
transmission 
grid 
companies, 
to 
improve 
the 
effectiveness 
of 
the 
internal 
market 
in 
electricity. 
Fingrid’s 
operations 
are 
supervised 
and 
regulated 
nationally 
by 
the 
Energy 
Authority, 
which 
has 
granted 
the 
company 
a 
licence 
for 
the 
transmission 
grid 
operations. 
Through 
its 
operations, 
the 
company 
enables 
the 
green 
transition, 
supports 
the 
implementation 
of 
Finland’s 
national 
energy 
and 
climate 
strategy, 
and 
maintains 
the 
high 
quality 
of 
the 
electricity 
system. 
The 
company 
develops 
the 
power 
system 
and 
the 
electricity 
market 
in 
a 
changing 
operating 
environment, 
improving 
the 
operating 
conditions 
of 
the 
electricity 
market. 
In 
2025, 
Fingrid 
had 
635 
(597) 
employees 
only 
in 
Finland, 
as 
reported 
in 
disclosure 
requirement 
S1-6 
(Characteristics 
of 
the 
undertaking’s 
employees). 
In 
accordance 
with 
its 
strategy, 
Fingrid 
ensures 
reliable 
electricity 
for 
its 
customers 
and 
society 
as 
a 
whole, 
and 
is 
shaping 
the 
future 
power 
system. 
The 
company’s 
strategic 
targets 
are 
new 
solutions 
to 
meet 
customer 
needs, 
an 
operating 
model 
that 
responds 
to 
change, 
and 
proactive 
safety. 
This 
is 
how 
the 
company 
is 
realising 
its 
vision 
of 
a 
clean, 
secure 
electricity 
system 
that 
is 
the 
most 
competitive 
in 
Europe. 
As 
a 
transmission 
system 
operator, 
Fingrid 
influences 
sustainability 
matters 
through 
its 
strategy 
and 
basic 
tasks, 
especially 
by 
securing 
the 
social 
and 
financial 
well-being 
of 
society 
and 
enabling 
a 
cleaner 
energy 
system. 
The 
goal 
of 
grid 
investments 
is 
to 
create 
the 
conditions 
for 
Finland’s 
competitiveness 
in 
industrial 
investments 
and 
to 
enable 
the 
achievement 
of 
Finland’s 
carbon 
neutrality 
goal. 
The 
most 
material 
impacts 
of 
Fingrid’s 
operations 
are 
reflected 
positively 
in 
the 
well 
-functioning 
power 
system 
and 
electricity 
markets, 
as 
well 
as 
in 
the 
reduction 
of 
greenhouse 
gas 
emissions 
in 
Finland 
. 
Fingrid’s 
customers 
include 
distribution 
system 
operators 
(DSOs), 
electricity 
producers, 
major 
consumers 
of 
electricity, 
balance 
responsible 
parties 
and 
other 
electricity 
market 
operators. 
The 
company 
produces 
grid 
and 
electricity 
market 
services 
for 
its 
customers. 
Grid 
services 
consist 
of 
connection 
into 
the 
main 
grid 
and 
developing, 
operating 
and 
maintaining 
the 
grid 
according 
to 
the 
customer’s 
transmission 
needs. 
The 
electricity 
market 
services 
offer 
all 
industry 
players 
a 
unified 
price 
area 
for 
electricity 
trade 
in 
Finland, 
balance 
services, 
reserve 
marketplaces 
and 
open 
electricity 
market 
data. 
Fingrid 
Datahub 
Oy, 
Fingrid’s 
subsidiary, 
offers 
an 
effective 
information 
exchange 
platform 
for 
retail 

 
 
 
 
 
 
 
 
 
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FINGRID 
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www.fingrid.fi 
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March 
2026 
market 
participants. 
Finextra 
Oy, 
another 
Fingrid 
subsidiary, 
manages 
statutory 
public 
service 
obligations 
that 
are 
not 
part 
of 
actual 
transmission 
network 
operations 
or 
transmission 
system 
responsibility. 
These 
tasks 
include 
peak 
load 
capacity 
services 
and 
guarantee 
-of-origin 
services 
for 
electricity. 
Through 
its 
operations, 
the 
company 
creates 
shared 
value 
for 
its 
customers, 
employees, 
contractual 
partners, 
shareholders 
and 
society 
as 
a 
whole. 
The 
value 
of 
the 
basic 
tasks 
of 
a 
transmission 
system 
operator 
and 
critical 
electricity 
grid 
infrastructure 
for 
societal 
well 
-being 
is 
evident 
for 
every 
person 
living 
in 
Finland 
through 
a 
secure 
supply 
of 
electricity 
and 
a 
clean 
power 
system. 
The 
societal 
value 
also 
translates 
into 
competitiveness 
for 
Finland 
based 
on 
clean, 
reliable 
and 
affordable 
electricity. 
Fingrid 
enables 
this 
competitiveness 
by 
investing 
in 
the 
main 
grid, 
cross-
border 
transmission 
connections 
and 
electricity 
market 
solutions. 
Fingrid 
is 
100% 
under 
Finnish 
ownership. 
In 
its 
business 
model, 
the 
core 
expertise 
of 
own 
personnel 
is 
combined 
with 
that 
of 
other 
actors, 
which 
means 
that 
some 
of 
the 
value 
created 
also 
benefits 
the 
contractors 
and 
suppliers 
employed 
in 
Fingrid’s 
projects. 
Fingrid’s 
business 
model 
and 
value 
creation 
Inputs 
Services 
and 
business 
processes 
Outputs 
Outcomes 
(creation 
of 
value) 
-
 
Suppliers 
and 
business 
partners 
-
 
Income 
and 
debt 
financing 
-
 
Electricity 
from 
power 
plants 
and 
neighbouring 
countries 
-
 
Power 
system 
flexibility 
from 
electricity 
market 
participants 
-
 
Grid 
transmission 
lines, 
substations 
and 
reserve 
power 
plants 
-
 
Land 
required 
for 
transmission 
lines; 
natural 
resources 
and 
materials 
-
 
ICT 
structures 
and 
processes 
-
 
Knowledge 
capital 
on 
electricity, 
markets 
and 
customers 
-
 
Personnel 
and 
expertise 
Services 
for 
customers 
-
 
Grid 
services
-
 
Electricity 
market 
services
-
 
Enabling 
a 
carbon 
neutral 
energy 
system 
and 
the 
achievement 
of 
climate 
goals 
-
 
Reliable 
and 
clean 
electricity 
for 
society 
and 
industry 
-
 
Efficiently 
functioning 
electricity 
market 
-
 
Power 
system 
growth 
and 
promoting 
Finland’s 
competitiveness 
-
 
Developing 
the 
electricity 
sector 
and 
expertise 
-
 
Financial 
benefits 
for 
stakeholders 
and 
the 
national 
economy 
-
 
Employment 
impacts 
and 
other 
local 
benefits 
of 
investments 
-
 
Local 
changes 
in 
land 
use 
and 
the 
environment, 
and 
carbon 
footprint 
impacts 
-
 
Fingrid’s 
nationwide 
main 
grid 
creates 
a 
platform 
for 
a 
clean 
power 
system. 
Around 
341 
kilometres 
of 
new 
grid 
transmission 
lines 
and 
27 
new 
or 
expanded 
substations. 
Total 
of 
14,900 
kilometres 
of 
transmission 
lines 
and 
138 
substations. 
-
 
Investments 
in 
the 
grid 
approx. 
EUR 
464 
million. 
-
 
Electricity 
transmission 
reliability 
99.99995%. 
-
 
The 
average 
emission 
factor 
for 
the 
electricity 
consumed 
in 
Finland 
is 
26 
g 
CO
2
/kWh. 
-
 
The 
electricity 
transmitted 
in 
Fingrid’s 
network 
accounts 
for 
85% 
of 
Finland’s 
electricity 
transmission. 
-
 
Wind 
and 
solar 
power 
was 
connected 
to 
the 
main 
grid 
in 
the 
amount 
of 
1,509 
megawatts, 
which 
will 
indirectly 
result 
in 
an 
annual 
emissions 
reduction 
of 
98,459 
carbon 
dioxide 
equivalent 
tonnes 
in 
the 
future. 
The 
reliability 
of 
the 
cross-border 
HVDC 
transmission 
links 
is 
87,1%. 
-
 
Customers 
perceive 
that 
Fingrid 
works 
for 

 
 
 
 
 
 
 
 
 
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FINGRID 
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March 
2026 
Fingrid’s 
business 
model 
and 
value 
creation 
Inputs 
Services 
and 
business 
processes 
Outputs 
Outcomes 
(creation 
of 
value) 
the 
benefit 
of 
the 
whole 
of 
society 
(4.3/5). 
-
 
Personnel 
feel 
their 
work 
is 
meaningful 
and 
are 
willing 
to 
recommend 
their 
employer 
(eNPS 
76). 
Combined 
lost 
time 
injury 
frequency 
(own 
personnel 
and 
service 
providers) 
2.9. 
-
 
Dividends 
EUR 
137.9 
million 
(Board’s 
proposal 
to 
the 
Annual 
General 
Meeting) 
and 
corporate 
income 
tax 
EUR 
71.5 
million. 
Payments 
to 
financers 
and 
shareholders 
EUR 
188.1
million. 
-
 
Fingrid 
personnel’s 
person-years 
586 
and 
service 
providers’ 
person-years 
866. 
-
 
Carbon 
dioxide 
emissions 
240,903 
carbon 
dioxide 
equivalent 
tonnes 
(Scope 
1-3). 
SBM-2 
Interests 
and 
views 
of 
stakeholders 
Fingrid’s 
operations 
as 
the 
party 
charged 
with 
system 
responsibility 
for 
the 
power 
system 
impact 
many 
stakeholders. 
Society 
is 
becoming 
increasingly 
reliant 
on 
electricity, 
as 
clean 
energy 
replaces 
fossil 
fuels. 
A 
large 
part 
of 
the 
electricity 
used 
in 
Finland 
is 
transmitted 
through 
Fingrid’s 
main 
grid, 
which 
highlights 
the 
company’s 
role 
in 
achieving 
Finland’s 
climate 
goals. 
The 
development 
of 
the 
power 
system 
and 
Fingrid’s 
investments 
are 
a 
prerequisite 
for 
many 
investments 
related 
to 
the 
use, 
production 
and 
storage 
of 
electricity. 
In 
addition 
to 
reliable 
electricity 
transmission 
and 
the 
power 
system’s 
balance 
management, 
stakeholders’ 
main 
expectations 
for 
the 
company 
are 
related 
to 
the 
development 
of 
the 
power 
system. 
Due 
to 
the 
diversity 
of 
the 
stakeholders, 
individual 
expectations 
for 
the 
company 
can 
be 
conflicting. 
The 
company’s 
connection 
and 
electricity 
transmission 
services 
are 
in 
great 
demand, 
and 
the 
customer 
base 
has 
become 
more 
diverse 
along 
with 
the 
energy 
transformation. 
New 
actors 
have 
joined 
the 
customer 
base, 
representing 
new 
forms 
of 
electricity 
production, 
electricity 
consumption 
and 
storage 
and 
electricity 
market 
services. 
The 
role 
of 
electricity 
consumers 
in 
balancing 
the 
power 
system 
has 
grown, 
and 
demand 
for 
flexibility 
in 
electricity 
demand 
and 
production 
has 
increased, 
creating 
new 
business 
opportunities 
for 
a 
number 
of 
actors. 
Economic 
uncertainty 
affects 
Fingrid’s 
customers’ 
investment 
environment, 
and 
consequently 
the 
need 
for 
and 
scheduling 
of 
grid 
connections. 
The 
shift 
to 
a 
weather 
-dependent 
electricity 
system 
has 
been 
rapid, 
and 
the 
scope 
of 
Fingrid’s 
operations 
has 
also 
increased 
rapidly 
as 
the 
power 
system 
expands. 
New 
investments 
require 
planning; 
developing 
and 
implementing 
electricity 
market 
solutions 
requires 
work; 
and 
the 
growing 
main 
grid 
requires 
maintenance. 
The 
pace 
of 
growth 
in 
wind 
power 
production 
in 
Finland 
has 
been 
among 
the 
fastest 
in 
Europe, 
and 
this 
requires 
new 
kinds 
of 
solutions 
and 
co-operation 
models 
from 
Fingrid 
to 
respond 
to 
the 
high 
demand 
for 
connections 
and 
the 
rapid 
change 
in 
the 
power 
system. 
This 
development 
creates 
new 
opportunities 
not 
only 
for 
the 
company’s 
own 
personnel 
but 
also 
for 
partners, 
such 
as 
contractors, 
suppliers, 
financers 
and 
various 
developers. 
A 
key 
stakeholder 
group 
in 
terms 
of 
grid 

 
 
 
 
 
 
 
 
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FINGRID 
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2026 
construction 
are 
landowners 
from 
whom 
Fingrid 
expropriates 
a 
right-of-use 
for 
transmission 
line 
areas. 
Implementing 
a 
major 
investment 
plan 
requires 
not 
only 
a 
lot 
of 
expertise 
and 
workforce, 
but 
also 
financial 
backers. 
The 
company’s 
investments 
are 
financed 
using 
equity 
and 
debt, 
which 
has 
significantly 
increased 
the 
number 
of 
the 
company’s 
debt 
investors. 
The 
change 
in 
the 
operating 
environment 
and 
adapting 
the 
company’s 
operations 
to 
the 
legislation 
and 
economic 
regulation 
in 
force 
at 
any 
given 
time 
require 
close 
co-operation 
with 
the 
supervisory 
authority. 
The 
geopolitical 
security 
landscape 
has 
also 
changed. 
The 
significance 
of 
electricity 
to 
society’s 
overall 
security 
has 
grown. 
When 
it 
comes 
to 
managing 
exceptional 
situations, 
the 
security 
of 
electricity 
supply 
is 
highlighted. 
Close 
and 
long-term 
customer 
and 
stakeholder 
co-operation 
helps 
Fingrid 
better 
understand 
the 
expectations 
for 
the 
company’s 
operations 
and 
create 
solutions 
to 
promote 
Finland’s 
carbon 
neutrality 
and 
improve 
the 
nation’s 
competitiveness. 
Continuous 
dialogue 
with 
stakeholders 
creates 
preconditions 
for 
the 
growth 
and 
high 
quality 
of 
the 
power 
system 
and 
is 
a 
key 
component 
of 
Fingrid’s 
responsible 
and 
ethical 
business 
practices. 
The 
executive 
management 
group 
and 
Board 
of 
Directors 
regularly 
review 
feedback 
on 
customer 
and 
stakeholder 
interaction 
and 
the 
company’s 
success 
in 
its 
targets 
and 
related 
measures. 
The 
expectations 
of 
key 
stakeholders 
and 
the 
stakeholder 
interaction 
measures 
are 
listed 
in 
the 
following 
table. 
Based 
on 
the 
double 
materiality 
assessment 
under 
sustainability 
reporting 
regulations, 
Fingrid 
has 
not 
identified 
a 
need 
to 
change 
the 
company’s 
strategy 
and/or 
business 
model 
to 
take 
into 
account 
the 
interests 
and 
views 
of 
stakeholders. 
In 
accordance 
with 
the 
due 
diligence 
process, 
stakeholder 
interaction 
ensures 
that 
the 
company 
can 
consider, 
in 
its 
strategy 
and 
business, 
the 
interests, 
views 
and 
rights 
of 
its 
own 
workforce, 
value 
chain 
workers, 
affected 
communities 
and 
consumers, 
and 
end-users, 
including 
respect 
for 
human 
rights. 
Stakeholders’ 
expectations 
Fingrid’s 
measures 
in 
2025 
Owners 
and 
financiers 
●
 
Responsible 
business 
and 
good 
governance 
●
 
High 
productivity 
●
 
Shareholder 
value 
and 
stable 
return 
development 
●
 
Debt 
service 
consistent 
with 
agreements 
●
 
Transparent 
and 
high-quality 
reporting 
●
 
A 
high 
A-level 
credit 
rating 
The 
company 
created 
shareholder 
value 
and 
paid 
a 
dividend 
in 
accordance 
with 
the 
dividend 
policy 
to 
the 
shareholders. 
Financing 
the 
company’s 
investment 
plan. 
Retaining 
high 
credit 
ratings. 
Active 
and 
transparent 
financial 
communications 
on 
the 
company’s 
strategy, 
finances 
and 
business. 
Customers 
●
 
Reliable 
electricity 
and 
a 
well-
functioning 
electricity 
market 
●
 
Services 
that 
meet 
customers’ 
needs 
●
 
Connecting 
new 
electricity 
production 
and 
consumption 
to 
the 
main 
grid 
●
 
Pricing 
of 
efficient 
operations 
and 
right 
service 
quality 
●
 
A 
predictable 
operating 
model 
The 
‘Fingrid 
Current’ 
event 
to 
discuss 
the 
latest 
topics 
in 
the 
industry 
was 
held 
for 
customers 
in 
September. 
In 
addition, 
customers 
were 
also 
invited 
to 
Fingrid’s 
Reserve 
Market 
Day 
and 
Balance 
Responsible 
Party 
Day 
in 
May, 
a 
Main 
Grid 
Service 
day 
in 
September, 
and 
an 
electricity 
market 
seminar 
in 
October, 
to 
name 
a 
few. 
Several 
webinars 
on 
projects 
to 
develop 
the 
electricity 
market 
and 
grid 
services 
were 
also 
organised. 
Meetings 
were 
held 
with 
various 
customer 
groups 
both 
within 
the 
scheduled 
performance 
review 
programme 
and 
based 
on 
matters 
that 
came 
to 
light. 
Fingrid 
employees 
also 
gave 
presentations 
at 
a 
number 
of 
customer 
and 
stakeholder 
events. 
Fingrid 
has 
three 
customer 
committees: 
an 
advisory 
committee, 
a 
main 
grid 
committee 
and 
an 
electricity 
market 
committee. 
Each 
committee 
has 
four 
meetings 
a 
year. 

 
 
 
 
 
 
 
 
 
 
 
 
 
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FINGRID 
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3 
March 
2026 
Customer 
communication 
also 
took 
place 
through 
newsletters 
and 
the 
customer 
magazine. 
Personnel 
●
 
Equal 
treatment 
and 
rewards 
●
 
Well 
-being 
in 
the 
work 
community 
●
 
Occupational 
safety 
●
 
Professional 
development 
opportunities 
●
 
Stable 
employment 
Fingrid 
Academy 
offered 
diverse 
personnel 
training. 
A 
safety-themed 
coaching 
day 
was 
offered 
for 
the 
entire 
personnel. 
Fingrid 
applied 
for 
and 
was 
awarded 
the 
‘Hyvän 
mielen 
työpaikka’ 
(‘Supporting 
mental 
health 
at 
work’) 
recognition. 
Policymakers 
●
 
Reliable 
electricity 
●
 
Shaping 
the 
clean 
and 
market-
oriented 
power 
system 
of 
the 
future 
●
 
Well 
-functioning 
electricity 
market 
●
 
Participation 
in 
the 
electricity 
market 
Regular 
engagement 
with 
policymakers 
as 
recorded 
in 
the 
public 
transparency 
register. 
The 
topics 
included 
the 
Electricity 
Market 
Act, 
the 
energy 
and 
climate 
strategy, 
offshore 
wind 
energy 
and 
expropriation 
permits. 
Also 
active 
engagement 
with 
EU-level 
decision-
makers 
to 
ensure 
that 
Finnish 
perspectives 
are 
taken 
into 
account 
in 
European 
regulation 
and 
market 
development. 
Authorities 
and 
organisations 
●
 
Promotion 
of 
common 
interests 
●
 
Clear, 
reliable 
and 
timely 
communication 
●
 
Expertise 
Engagement 
with 
national 
and 
local 
authorities 
and 
organisations 
on 
the 
development 
of 
the 
electricity 
network 
and 
connections, 
offshore 
wind 
power 
connections, 
the 
sufficiency 
of 
electricity 
and 
capacity 
mechanisms. 
Co-operation 
in 
environmental 
impact 
assessments 
and 
environmental 
permit 
matters. 
Co-
operation 
also 
with 
officials 
at 
the 
EU 
level, 
particularly 
in 
the 
preparation 
and 
implementation 
of 
regulations. 
Contractors 
and 
service 
providers 
●
 
Occupational 
safety 
●
 
Responsible 
treatment 
of 
suppliers 
●
 
Predictability 
and 
continuity 
Several 
info 
events, 
training 
sessions 
and 
meetings 
of 
the 
suppliers’ 
occupational 
safety 
group 
were 
organised. 
Newsletters 
were 
sent 
to 
worksites 
to 
support 
safety 
communications. 
The 
management 
had 
meetings 
with 
key 
service 
providers. 
Landowners 
and 
neighbours 
●
 
Responsible 
operating 
methods 
in 
land 
use 
and 
environmental 
matters 
to 
reduce 
negative 
impacts 
●
 
Proactive 
and 
reliable 
engagement 
Communications 
and 
direct 
engagement 
in 
different 
stages 
of 
transmission 
line 
projects 
and 
during 
maintenance. 
In 
EIA 
procedures, 
events 
for 
the 
general 
public, 
letters 
to 
landowners 
and 
advertisements 
in 
local 
newspapers, 
and 
online 
feedback 
system. 
Other 
partners 
●
 
Expertise 
●
 
Promotion 
of 
common 
interests 
The 
company 
was 
active 
in 
the 
European 
Network 
of 
Transmission 
System 
Operators 
for 
Electricity, 
ENTSO-E. 
The 
co-operation 
between 
Nordic 
and 
the 
Baltic 
Sea 
region’s 
TSOs 
was 
active, 
and 
several 
multi-year 
development 
projects 
were 
under 
way. 
Consumers 
and 
end-users 
●
 
Reliable 
and 
affordable 
electricity 
Communications 
to 
consumers 
on 
Fingrid’s 
electronic 
communication 
channels. 
Participation 
in 
various 
trade 
fairs 
and 
a 
panel 
in 
SuomiAreena 
on 
clean 
energy 
and 
attracting 
investments 
to 
Finland. 

29 
FINGRID 
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www.fingrid.fi 
3 
March 
2026 
SBM-3 
Material 
impacts, 
risks 
and 
opportunities 
and 
their 
interaction 
with 
strategy 
and 
business 
model 
Fingrid’s 
material 
sustainability 
-related 
impacts, 
risks 
and 
opportunities 
are 
described 
on 
an 
aggregate 
basis 
in 
the 
text 
below 
and 
in 
the 
following 
table 
of 
material 
sustainability 
matters. 
In 
addition, 
the 
disclosures 
are 
elaborated 
further 
for 
each 
topic 
in 
connection 
with 
the 
relevant 
topical 
standards. 
The 
material 
sustainability 
-related 
impacts, 
risks 
and 
opportunities 
are 
taken 
into 
account 
in 
Fingrid’s 
strategy, 
management 
system 
and 
enterprise 
risk 
management. 
This 
integrated 
approach 
implements 
the 
interaction 
of 
sustainability 
topics 
with 
the 
strategy 
and 
business 
model. 
Fingrid 
has 
not 
identified 
any 
material 
risks 
and 
opportunities 
that 
would 
have 
materially 
affected 
the 
company’s 
financial 
position, 
financial 
result 
and 
cash 
flows 
during 
the 
reporting 
period, 
except 
for 
the 
opportunity 
for 
climate 
change 
mitigation 
and 
related 
investments. 
Fingrid 
has 
also 
not 
identified 
any 
material 
risks 
and 
opportunities 
for 
which 
there 
would 
be 
a 
significant 
risk 
of 
a 
material 
adjustment 
within 
the 
next 
annual 
reporting 
period 
to 
the 
carrying 
amounts 
of 
assets 
and 
liabilities 
reported 
in 
the 
related 
financial 
statements. 
The 
company’s 
material 
sustainability 
-related 
impacts 
described 
below 
were 
already 
realised 
during 
the 
reporting 
period. 
With 
regard 
to 
responsibility 
for 
the 
climate 
and 
the 
environment, 
Fingrid 
enables 
climate 
change 
mitigation. 
Fingrid 
creates 
a 
positive 
climate 
impact 
through 
its 
operations 
by 
reinforcing 
the 
main 
grid 
and 
developing 
the 
electricity 
market 
to 
meet 
the 
ne 
eds 
of 
clean 
electricity 
production 
and 
the 
electricity-consuming 
industries 
and 
other 
societal 
parties. 
This 
enables 
the 
growth 
of 
a 
clean 
power 
system 
and 
helps 
indirectly 
avoid 
GHG 
emissions. 
Developing 
the 
main 
grid 
and 
ensuring 
the 
quality 
of 
electricity 
transmission 
are 
necessary 
for 
both 
the 
functioning 
of 
society 
and 
the 
achievement 
of 
climate 
goals. 
However, 
building 
the 
transmission 
grid 
causes 
land 
use 
change, 
deforestation 
and 
biodiversity 
loss. 
Risks 
can 
be 
associated 
with 
the 
grid 
construction 
materials 
needed 
to 
build 
a 
clean 
power 
system, 
as 
they 
can 
be 
subject 
to 
cost 
increases 
or 
availability 
challenges. 
From 
a 
social 
responsibility 
perspective, 
in 
addition 
to 
the 
occupational 
well 
-being 
and 
safety 
of 
the 
company’s 
own 
personnel, 
the 
impacts 
on 
the 
workers 
in 
the 
value 
chain 
are 
material 
in 
Fingrid’s 
business 
model, 
which 
is 
based 
on 
partnerships. 
Partners 
are, 
for 
example, 
responsible 
for 
grid 
construction 
and 
maintenance 
work. 
Safe 
working 
conditions 
and 
reasonable 
contract 
policies 
for 
contractors 
and 
suppliers 
are 
at 
the 
core, 
especially 
at 
worksites 
and 
projects 
in 
Finland, 
but 
also 
when 
making 
international 
equipment 
and 
materials 
procurement. 
Landowners 
of 
the 
main 
grid 
transmission 
line 
areas 
are 
a 
key 
affected 
community. 
Fingrid 
expropriates 
a 
right 
-of-use 
to 
the 
transmission 
line 
area 
from 
private 
landowners 
in 
order 
to 
be 
able 
to 
build, 
operate 
and 
maintain 
a 
transmission 
line, 
and 
this 
is 
associated 
with 
a 
risk 
of 
erosion 
of 
general 
acceptance. 
The 
company 
also 
plays 
a 
central 
role 
in 
relation 
to 
consumers 
and 
end-users, 
as 
the 
Fingrid 
Datahub 
maintains 
and 
manages 
Finland’s 
electricity 
retail 
customers’ 
data 
regarding 
electricity 
use, 
enabling 
the 
efficient 
functioning 
of 
the 
retail 
market. 
Material 
impacts 
in 
this 
activity 
are 
related 
to 
privacy 
and 
data 
protection. 
Transition 
risks, 
i.e. 
changes 
resulting 
from 
the 
transition 
to 
a 
clean 
power 
system, 
include 
the 
growing 
complexity 
of 
the 
power 
system 
as 
weather 
-dependent 
production 
increases 
and 
variations 
in 
electricity 
consumption 
and 
production 
intensify. 
Finland’s 
transition 
towards 
a 
clean 
and 
growing 
power 
system 
has 
been 
one 
of 
the 
fastest 
in 
Europe. 
Part 
of 
this 
development 
can 
be 
seen 
in 
Fingrid’s 
operations 
and 
on 
the 
electricity 
market. 
The 
described 
development 
is 
reflected 
in 
the 
increase 
and 
variation 
of 
power 
system 
maintenance 
costs, 
such 
as 
reserve 
and 
transmission 
loss 
costs, 
which 
results 
in 
uncertainty 
in 
the 
pricing 
of 
Fingrid’s 
services, 
requiring 
corporate 
financing 
sustainability. 
The 
number 
of 
different 
power 
system 
disturbances 
has 
also 
grown, 
increasing 
risks 
in 
the 
operation 
of 
the 
power 
system 
and 
availability 
of 
electricity. 
Fingrid 
aims 
to 
offer 
its 
customers 
high-quality 
electricity 
transmission, 
electricity 
transmission 
capacity 
and 
opportunities 
to 
connect 
to 
the 
main 
grid 
to 
meet 
Finland’s 
climate 
targets 
in 
a 
sufficiently 
fast 
and 
cost 
-effective 
manner. 
This 
requires 
developing 
the 
electricity 
market, 
balancing 
electricity 
consumption 
and 
production, 
building 
the 
main 
grid 
and 
creating 
various 
flexibility 
solutions 
together 
with 
customers. 
A 
key 
to 
success 
in 
this 
is 
a 
regulatory 
framework 
that 
enables 
the 
green 
transition 
and 
well 
-functioning 
co-operation 
between 
Fingrid, 
the 
company's 
customers 
and 
various 
stakeholders. 
Sufficient 
building 
of 
grid 
infrastructure 
also 
requires 
proactive 
environmental 
impact 
assessments, 
fast 
project 
permit 
processes 
and 
effective 
project 
management. 
Fingrid’s 
extensive 
investment 
plan 
requires, 
in 
addition 
to 
income 
financing, 
a 
lot 
of 
debt 
financing, 
for 
which 
the 
company 
uses 
the 
Green 
Finance 
Framewor 
k. 
The 
implementation 
of 
the 
green 
transition 
and 
the 
growth 
of 
the 
power 
system 
can 
be 
subject 
to 
risks 
from 
changes 
in 
legislation 
and 
other 
regulations 
that 
restrict 
the 
company’s 
operating 
conditions. 
Some 
of 
these 
risks 
are 
climate-
related 
transition 
risks. 
Any 
unfavourable 
development 
of 
the 
regulation 
that 
steers 
Fingrid’s 
operations 
constitutes 
a 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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material 
risk 
to 
the 
company’s 
operations, 
affecting 
the 
company’s 
responsibilities, 
the 
scope 
of 
its 
mission 
and 
its 
financial 
operating 
conditions. 
Non-compliance 
has 
also 
been 
deemed 
as 
a 
significant 
regulatory 
risk. 
The 
risk 
can 
surface 
in 
the 
form 
of 
disregard 
for 
sustainability 
requirements 
or 
other 
unprofessional 
behaviour. 
As 
a 
result, 
the 
company 
may 
be 
exposed 
to 
major 
financial 
or 
reputational 
consequences. 
One 
of 
the 
company’s 
most 
significant 
operational 
risks 
is 
a 
serious 
disturbance 
to 
the 
electricity 
system, 
which 
could 
cause 
a 
regional 
or 
nationwide 
power 
outage. 
Extensive 
disturbances 
to 
the 
power 
system 
can 
be 
caused 
by, 
among 
other 
things, 
a 
technical 
malfunction 
or 
equipment 
damage, 
an 
extreme 
weather 
event, 
human 
error, 
an 
accident, 
vandalism 
or 
the 
simultaneous 
occurrence 
of 
several 
of 
these 
events. 
A 
blackout 
can 
paralyse 
society’s 
functions 
and 
cause 
major 
damage 
to 
Finnish 
business 
and 
industry. 
The 
needs 
of 
different 
stakeholders 
for 
expanding 
and 
developing 
the 
main 
grid 
are 
increasing 
sharply. 
Fingrid’s 
annual 
investment 
levels 
are 
determined 
by 
its 
corporate 
finances 
and 
the 
financial 
regulations 
to 
which 
it 
is 
subject. 
The 
progress 
of 
the 
green 
transition 
is 
at 
the 
core 
of 
Fingrid’s 
strategy 
and 
business 
model. 
In 
2025, 
the 
company 
analysed, 
through 
scenario 
analyses 
on 
the 
investment 
plan 
that 
enables 
the 
green 
transition, 
its 
strategy’s 
and 
business 
model’s 
resilience 
and 
ability 
to 
address 
material 
sustainability 
related 
impacts, 
risks 
and 
opportunities. 
The 
scenarios 
are 
based 
on 
alternative 
electricity 
production 
and 
consumption 
projections, 
which 
are 
determined 
by 
the 
progress 
of 
the 
green 
transition 
in 
Finland. 
The 
implementation 
of 
the 
investment 
plan 
depends 
on 
the 
growth 
of 
electricity 
production 
and 
consumption. 
In 
terms 
of 
good 
governance, 
non-compliance 
in 
a 
rapidly 
changing 
operating 
environment 
and 
in 
meeting 
a 
number 
of 
different 
stakeholder 
needs, 
as 
well 
as 
breaches 
of 
the 
company’s 
Code 
of 
Conduct 
or 
values 
could 
impair 
the 
company’s 
capacity 
to 
function 
and 
weaken 
the 
transmission 
system 
operator’s 
reputation 
as 
an 
enabler 
of 
the 
green 
transition. 
Fingrid’s 
risk 
management 
is 
based 
on 
holistic 
risk 
and 
continuity 
management, 
in 
which 
event 
impacts 
are 
assessed 
systematically 
within 
the 
company, 
across 
functions, 
and 
risk 
management 
is 
designed 
accordingly. 
Material 
sustainability 
matters 
in 
Fingrid’s 
own 
operations 
and 
value 
chain 
Topic 
Sub-topic 
Sub-sub-topic 
Impact 
materiality
Financial 
materiality
Upstream 
value 
chain
Own 
operations
Downstream 
value 
chain
ESRS 
E1 
Climate 
Climate 
change 
adaptation 
↓ 
- 
• 
Climate 
change 
mitigation 
↑ 
+ 
• 
• 
• 
Energy 
↓ 
- 
• 
• 
• 
ESRS 
E4 
Biodiversity 
and 
ecosystems 
Direct 
impact 
drivers 
of 
biodiversity 
loss 
Climate 
change 
↓ 
• 
Land 
-use 
change, 
fresh 
water-use 
change 
and 
sea-use 
change 
↓ 
• 
ESRS 
E5 
Resource 
use 
and 
circular 
economy 
Resource 
inflows, 
including 
resource 
use 
- 
• 
• 
ESRS 
S1 
Own 
workforce 
Working 
conditions 
Health 
and 
safety 
↑/↓ 
• 
Equal 
treatment 
and 
opportunities 
for 
all 
Measures 
against 
violence 
and 
harassment 
in 
the 
workplace 
↑/↓ 
• 
ESRS 
S2 
Workers 
in 
the 
value 
chain 
Working 
conditions 
Working 
time 
↑/↓ 
• 
Adequate 
wages 
↑/↓ 
• 
Health 
and 
safety 
↑/↓ 
• 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 
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Material 
sustainability 
matters 
in 
Fingrid’s 
own 
operations 
and 
value 
chain 
Topic 
Sub-topic 
Sub-sub-topic 
Impact 
materiality
Financial 
materiality
Upstream 
value 
chain
Own 
operations
Downstream 
value 
chain
ESRS 
S3 
Affected 
communities 
Communities’ 
economic, 
social 
and 
cultural 
rights 
Land 
-related 
impacts 
- 
• 
ESRS 
S4 
Consumers 
and 
end-users 
Information-related 
impacts 
on 
consumers 
and/or 
end-users 
Privacy 
↓ 
• 
Entity 
-specific 
topics 
Protection 
of 
business 
critical 
and 
personal 
data 
- 
• 
System 
security 
- 
• 
ESRS 
G1 
Business 
conduct 
Corporate 
culture 
↑ 
- 
• 
Protection 
of 
whistleblowers 
↑↓ 
• 
Corruption 
and 
bribery 
Prevention 
and 
detection 
including 
training 
↑ 
• 
Incidents 
↓ 
• 
↑ 
Positive 
impact 
/ 
↓ 
Negative 
impact 
/ 
+ 
Opportunity 
/ 
- 
Risk 
4. 
Impacts, 
risks 
and 
opportunities 
management 
4.1 
Disclosures 
on 
the 
materiality 
assessment 
process 
IRO-1 
Description 
of 
the 
processes 
to 
identify 
and 
assess 
material 
impacts, 
risks 
and 
opportunities
As 
part 
of 
its 
sustainability 
reporting, 
Fingrid 
carried 
out 
a 
double 
materiality 
assessment 
of 
impacts 
with 
support 
from 
an 
external 
expert 
for 
the 
first 
time 
in 
2023. 
The 
impacts, 
opportunities 
and 
risks 
identified 
in 
the 
assessment, 
as 
well 
as 
the 
related 
sustainability 
topics, 
formed 
the 
basis 
for 
the 
sustainability 
reporting 
required 
on 
Fingrid’s 
corporate 
responsibility 
work. 
With 
regard 
to 
the 
first 
reporting 
period, 
i.e. 
2024, 
the 
double 
materiality 
assessment 
was 
found 
to 
be 
up 
to 
date 
by 
the 
executive 
management 
group 
and 
the 
Board 
of 
Directors. 
In 
2025, 
an 
analysis 
was 
conducted 
as 
required 
by 
regulation, 
based 
on 
which 
the 
executive 
management 
group 
and 
the 
Board 
of 
Directors 
concluded 
that 
Fingrid’s 
understanding 
of 
the 
impacts, 
opportunities 
and 
risks 
and 
related 
sustainability 
topics 
in 
its 
own 
operations 
and 
value 
chain 
is 
still 
up 
to 
date 
for 
the 
sustainability 
reporting 
for 
the 
financial 
year. 
Fingrid’s 
sustainability 
metrics 
and 
targets 
updated 
for 
the 
period 
2025–2030 
are 
based 
on 
the 
comp 
any’s 
materiality 
assessment. 
In 
accordance 
with 
its 
annual 
cycle, 
Fingrid 
implements 
enterprise 
risk 
management 
(ERM) 
based 
on 
the 
internal 
control 
and 
risk 
management 
principles 
approved 
by 
the 
Board 
of 
Directors. 
Enterprise 
risk 
management 
combines, 
in 
a 
mutually 
supportive 
manner, 
the 
risks 
and 
opportunities 
of 
the 
company’s 
future 
scenario, 
proactive 
risk 
management 
and 
preparedness 
for 
the 
threats 
and 
long 
-term 
crisis 
situations 
identified 
through 
continuity 
management. 
Sustainability 
risks, 
including 
climate 
and 
human 
rights, 
are 
addressed 
as 
part 
of 
Fingrid’s 
enterprise 
risk 
management. 
Risk 
management 
is 
developed 
further 
by 
also 
including 
the 
assessment 
of 
human 
rights 
risks 
in 
the 
annual 
process. 
The 
sustainability 
materiality 
process 
also 
takes 
into 
account 
the 
connection 
to 
risk 
management. 
The 
selected 
approach 
ensures 
that 
addressing 
sustainability 
risks 
is 
a 
natural 
part 
of 
the 
company’s 
management 
and 
decision-making. 
The 
materiality 
process 
was 
based 
on 
the 
Finnish 
Accounting 
Act 
and 
other 
national 
legislation 
implementing 
the 
CSRD, 
the 
ESRS 
reporting 
standards 
and 
the 
advice 
provided 
by 
the 
European 
Financial 
Reporting 
Advisory 
Group 
(EFRAG) 
concerning 
double 
materiality 
assessments. 
The 
double 
materiality 
assessment 
concerned 
the 
sustainability 
topics, 
sub-topics 
and 
sub 
-sub-topics 
listed 
in 
Appendix 
A 
of 
ESRS 
1 
General 
requirements, 
which 
were 
supplemented 
with 
entity 
-specific 
sustainability 
topics 
material 
for 
Fingrid. 
The 
input 
parameters 
used 
in 
the 

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assessment 
were 
the 
key 
risks 
and 
the 
related 
financial 
impacts 
identified 
in 
Fingrid’s 
proactive 
risk 
management, 
maintained 
in 
the 
company’s 
risk 
register 
and 
reported 
to 
the 
company’s 
Board 
of 
Directors, 
as 
well 
as 
other 
relevant 
internal 
and 
external 
information 
sources, 
such 
as 
the 
SASB’s 
industry 
-specific 
reporting 
standard. 
The 
materiality 
assessment 
conducted 
by 
Fingrid 
when 
applying 
the 
GRI 
reporting 
guidelines 
(Global 
Reporting 
Initiative, 
Sustainability 
Reporting 
Standards) 
was 
also 
used 
in 
the 
assessment. 
As 
for 
stakeholders, 
the 
input 
data 
included 
the 
results 
of 
the 
corporate 
responsibility 
stakeholder 
survey 
2022 
and 
up 
-to-date 
feedback 
on 
Fingrid’s 
consultation 
and 
co-operation 
with 
its 
affected 
stakeholders. 
For 
the 
assessment 
of 
materiality 
related 
to 
pollution, 
water 
resources, 
biodiversity 
and 
resource 
use, 
and 
circular 
economy, 
the 
company 
had 
access 
to 
information 
about 
the 
location 
of 
its 
sites, 
its 
holdings 
and 
its 
operations 
as 
a 
whole. 
The 
geospatial 
coordinates 
of 
the 
assets 
in 
relation 
to 
areas 
that 
are 
sensitive 
in 
terms 
of 
biodiversity 
are 
managed 
in 
the 
company’s 
geographic 
database. 
The 
environmental 
impacts 
of 
transmission 
lines, 
substations 
and 
reserve 
power 
plants 
are 
known, 
and 
impact 
assessments 
take 
place 
continuously 
in, 
among 
other 
things, 
the 
statutory 
environmental 
impact 
assessments 
of 
transmission 
line 
projects 
and 
through 
the 
reserve 
power 
plants’ 
environmental 
permit 
obligation. 
Regular 
consultation 
with 
authorities 
and 
affected 
communities 
also 
takes 
place 
in 
this 
context, 
including 
impacts 
on 
pollution, 
water 
resources, 
biodiversity 
and 
ecosystems, 
and 
resource 
use 
and 
circular 
economy. 
Transmission 
line 
areas 
are 
known 
to 
have 
the 
potential 
to 
both 
reinforce 
and 
weaken 
the 
ecosystem 
services 
provided 
by 
nature. 
The 
assessment 
of 
overall 
materiality 
covered 
both 
the 
direct 
impact 
drivers 
and 
the 
impacts 
on 
the 
state 
of 
species, 
ecosystems 
and 
ecosystem 
services. 
To 
assess 
biodiversity-related 
risks 
and 
opportunities, 
no 
separate 
scenario 
or 
resilience 
analysis 
was 
performed, 
but 
the 
assessment 
acknowledged 
the 
connections 
between 
the 
changing 
climate 
and 
the 
loss 
of 
biodiversity 
as 
described 
in 
connection 
with 
disclosure 
requirement 
E4-1 
(Transition 
plan 
for 
climate 
change 
mitigation). 
As 
for 
the 
relevant 
business 
conduct 
criteria, 
the 
starting 
point 
was 
the 
company’s 
operations 
in 
Finland 
in 
the 
electricity 
transmission 
sector. 
Fingrid’s 
business 
consists 
of 
grid 
and 
balance 
services, 
in 
addition 
to 
which 
the 
company 
offers 
other 
electricity 
market-related 
services, 
such 
as 
information 
exchange, 
financial 
transmission 
rights 
and 
a 
market 
related 
to 
power 
system 
reserves. 
The 
double 
materiality 
assessment 
consisted 
of 
three 
elements: 
initial 
charting, 
assessment 
of 
Fingrid’s 
impacts 
on 
people 
and 
the 
environment, 
and 
identification 
and 
assessment 
of 
the 
financial 
impacts 
on 
Fingrid. 
The 
assessment 
covered 
short-term, 
medium 
-term 
and 
long-term 
impacts, 
risks 
and 
opportunities, 
taking 
into 
account 
Fingrid’s 
business 
relationships 
and 
the 
entire 
value 
chain 
in 
all 
material 
respects. 
With 
regard 
to 
the 
value 
chain, 
the 
impact 
assessment 
essentially 
covered 
international 
goods 
procurement, 
the 
operations 
of 
contractors 
and 
service 
providers 
and 
the 
electricity 
market. 
The 
impact 
assessment 
was 
performed 
in 
workshops 
by 
Fingrid’s 
management 
and 
experts 
from 
different 
functions. 
The 
initial 
charting 
consisted 
of 
a 
broad 
review 
of 
Fingrid’s 
material 
sustainability 
topics 
from 
the 
perspectives 
of 
actual 
and 
potential 
impacts 
on 
the 
environment 
or 
people 
and 
financial 
impacts 
on 
Fingrid’s 
business. 
Fingrid 
identified 
the 
negative 
and 
positive 
impacts 
of 
its 
own 
operations 
and 
those 
resulting 
from 
its 
business 
relationships 
with 
upstream 
and 
downstream 
value 
chain 
actors 
on 
people 
and 
the 
environment 
(impact 
materiality) 
and 
the 
financial 
risks 
and 
opportunities 
resulting 
from 
sustainability 
factors 
for 
Fingrid’s 
business. 
The 
initial 
charting 
utilised 
information 
from 
Fingrid’s 
regular 
stakeholder 
interaction 
about 
the 
information 
needs 
of 
key 
affected 
stakeholders 
and 
users 
of 
the 
sustainability 
statement. 
The 
initial 
charting 
resulted 
in 
a 
preliminary 
list 
of 
the 
impacts, 
risks 
and 
opportunities 
related 
to 
sustainability 
factors 
for 
prioritisation. 
Thereafter, 
Fingrid’s 
management 
and 
experts 
assessed 
the 
identified 
negative 
and 
positive 
impacts 
on 
people 
and 
the 
environment 
(impact 
materiality) 
based 
on 
scale, 
scope 
and 
irremediability. 
For 
potential 
impacts, 
the 
likelihood 
of 
their 
materialisation 
was 
also 
assessed. 
Negative 
and 
positive 
impacts 
were 
assessed 
separately, 
and 
for 
negative 
human 
rights 
impacts, 
the 
assessment 
was 
primarily 
based 
on 
their 
severity, 
considering 
Fingrid’s 
impacts 
in 
accordance 
with 
the 
due 
diligence 
process. 
Fingrid’s 
management 
and 
experts 
also 
assessed 
the 
actual 
and 
potential 
risks 
and 
opportunities 
for 
Fingrid’s 
business 
(financial 
materiality) 
based 
on 
the 
size 
and 
likelihood 
of 
the 
anticipated 
impact. 
The 
assessment 
was 
performed 
as 
workshop 
work 
where 
Fingrid’s 
management 
and 
experts 
placed 
the 
identified 
impacts, 
risks 
and 
opportunities 
related 
to 
sustainability 
factors 
in 
order 
of 
importance. 
An 
understanding 
of 
the 
connections 
of 
the 
identified 
impacts 
to 
the 
risks 
and 
opportunities 
being 
assessed 
had 
been 
built 
with 
the 
help 
of 
the 
input 
data 
for 
the 
assessment 
and 
the 
workshops. 

33 
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Finally, 
Fingrid’s 
executive 
management 
group 
ensured 
the 
commensurability 
of 
the 
assessments 
and 
set 
threshold 
values 
to 
determine 
which 
sustainability 
topics 
are 
material 
for 
reporting. 
Fingrid’s 
executive 
management 
group 
validated 
the 
results 
of 
the 
materiality 
assessment 
in 
June 
2023. 
The 
Board 
of 
Directors 
discussed 
it 
in 
June 
2023. 
The 
materiality 
assessment 
will 
be 
reviewed 
for 
the 
next 
time 
in 
the 
first 
half 
of 
2026. 
In 
accordance 
with 
the 
company’s 
annual 
management 
cycle, 
the 
results 
of 
the 
annual 
review 
of 
the 
materiality 
assessment 
(impacts, 
risks 
and 
opportunities) 
will 
be 
incorporated 
in 
the 
company’s 
risk 
management 
and 
strategy 
preparation 
process. 
E1 
IRO-1 
Description 
of 
the 
processes 
to 
identify 
and 
assess 
material 
climate 
-related 
impacts, 
risks 
and 
opportunities
At 
Fingrid, 
risk 
management 
takes 
place 
comprehensively 
in 
accordance 
with 
the 
principles 
approved 
by 
the 
company’s 
Board 
of 
Directors. 
The 
goal 
is 
to 
extensively 
identify, 
assess 
and 
define 
concrete 
measures 
for 
managing 
identified 
risks. 
Enterprise 
risk 
management 
includes 
a 
process 
to 
identify 
and 
assess 
climate-related 
impacts, 
risks 
and 
opportunities 
as 
part 
of 
the 
company’s 
annual 
ERM 
process. 
This 
covers 
addressing 
climate 
risks 
in 
the 
short 
term 
for 
different 
asset 
classes 
in 
Finland’s 
already 
extreme 
climate 
conditions, 
with 
temperatures 
varying 
from 
+40 
to 
-50°C, 
for 
example. 
Based 
on 
a 
GHG 
inventory 
covering 
the 
whole 
value 
chain, 
its 
previous 
reporting 
and 
its 
climate 
engagement 
work, 
the 
company 
has 
identified 
the 
sources 
of 
its 
GHG 
emissions 
and 
the 
other 
drivers 
of 
its 
climate 
-related 
impacts, 
including 
land 
use. 
The 
company 
is 
aware 
of 
the 
size 
of 
the 
emissions, 
impacts 
and 
opportunities 
to 
affect, 
and 
locked-in 
emissions 
as 
stated 
in 
the 
standard 
E1 
disclosure 
requirements 
(E1 
-4 
Targets 
related 
to 
climate 
change 
mitigation 
and 
adaptation 
and 
E1-6 
Gross 
Scopes 
1, 
2, 
3 
and 
Total 
GHG 
emissions). 
This 
information 
was 
available 
during 
the 
materiality 
assessment 
and 
the 
process 
to 
identify 
and 
assess 
climate 
risks. 
With 
the 
support 
of 
an 
external 
expert, 
Fingrid 
worked 
in 
2024 
on 
developing 
the 
process 
to 
identify 
and 
assess 
material 
climate 
-related 
impacts, 
risks 
and 
opportunities. 
The 
overall 
objective 
of 
the 
work 
was 
to 
develop 
Fingrid’s 
risk 
assessment 
through 
the 
incorporation 
of 
climate 
scenarios 
and 
to 
ensure 
that 
climate 
risk 
management 
can 
be 
embedded 
in 
the 
company’s 
risk 
management 
in 
the 
manner 
required 
by 
evolving 
regulations. 
Fingrid’s 
current 
risk 
assessment 
and 
climate 
risk 
management, 
best 
practices 
and 
legal 
requirements 
(CSRD/ESRS 
and 
the 
EU 
taxonomy) 
were 
taken 
into 
account 
in 
the 
structure, 
key 
elements 
and 
assumptions 
used 
in 
the 
climate 
risk 
assessment 
methodology. 
The 
work 
was 
performed 
using 
the 
TCFD’s 
(Task 
Force 
on 
Climate 
-related 
Financial 
Disclosures) 
approach, 
with 
the 
participation 
of 
Fingrid’s 
key 
businesses 
and 
the 
persons 
responsible 
for 
risks. 
Based 
on 
the 
methodology 
developed, 
the 
transition 
risks 
and 
physical 
risks 
resulting 
from 
climate 
change 
and 
their 
impacts 
in 
terms 
of 
the 
risk 
portfolio 
and 
the 
development 
of 
risk 
management 
were 
identified 
and 
validated. 
For 
physical 
risks, 
both 
acute 
and 
chronic 
climate 
risks 
were 
considered. 
Transition 
risks 
were 
addressed 
in 
four 
categories: 
politics 
and 
legislation, 
technology, 
markets 
and 
reputation. 
Physical 
risks 
were 
reviewed 
at 
the 
level 
of 
Fingrid’s 
key 
asset 
classes: 
transmission 
lines, 
substations, 
reserve 
power, 
ICT 
and 
real 
estate. 
Transition 
risks 
were 
reviewed 
at 
the 
company 
level. 
The 
key 
steps 
of 
the 
review 
consisted 
of 
identifying 
material 
risks, 
describing 
the 
risks 
in 
more 
detail 
and 
assessing 
the 
likelihood 
and 
impacts 
of 
the 
risks, 
based 
on 
which 
a 
risk 
rating 
was 
given 
to 
each 
risk 
identified 
as 
material. 
As 
a 
result 
of 
the 
work, 
an 
operating 
model 
for 
assessing 
climate 
risks 
based 
on 
materiality 
and 
probability 
was 
included 
in 
the 
annual 
risk 
management 
process, 
including 
an 
estimate 
of 
the 
financial 
impact 
of 
the 
risks. 
Applicable 
climate 
scenarios 
(Intergovernmental 
Panel 
on 
Climate 
Change 
IPCC 
and 
International 
Electricity 
Agency 
IEA) 
aligned 
with 
the 
latest 
scientific 
information 
and 
based 
on 
the 
most 
recent 
research 
data, 
adapted 
to 
Finland’s 
conditions, 
were 
used 
in 
the 
work. 
Fingrid 
considers 
that 
the 
scenarios 
used 
and 
their 
time 
horizons 
cover 
its 
plausible 
risks 
and 
uncertainties, 
and 
they 
have 
not 
been 
identified 
to 
include 
any 
particular 
restrictions 
to 
be 
considered. 
From 
the 
perspective 
of 
ensuring 
the 
compati 
bility 
of 
the 
climate 
scenarios, 
Fingrid 
has 
not 
identified 
any 
critical 
climate-
related 
assumptions 
to 
be 
presented 
in 
its 
financial 
statements. 
One 
input 
data 
of 
the 
risk 
review 
was 
a 
regional 
breakdown, 
but 
the 
differences 
did 
not 
require 
moving 
away 
from 
a 
nationwide 
review. 
The 
development 
of 
physical 
risks 
was 
assessed 
in 
a 
scenario 
where 
the 
efforts 
to 
limit 
emissions 
fail 
and 
the 
impacts 
of 
climate 
change 
gain 
momentum 
and 
become 
more 
extreme 
(IPCC 
high 
emissions, 
SSP5 
-8.5). 
Physical 
risks 
were 
reviewed 
on 
a 
long 
time 
hori 
zon 
of 
around 
30 
–50 
years, 
which 
corresponds 
with 
the 
expected 
lifetime 
of 
key 
assets 

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2026 
and 
the 
capital 
allocation 
plans 
as 
these 
assets 
are 
at 
the 
core 
of 
the 
main 
grid 
development 
plan. 
The 
main 
grid 
development 
plan 
implements 
the 
company’s 
strategy 
and 
vision, 
in 
which 
a 
short 
(1 
year) 
or 
medium 
-term 
(1–20 
years) 
time 
horizon 
is 
not 
material 
for 
a 
review 
of 
physical 
risks, 
due 
to 
the 
long 
lifetime 
of 
Fingrid’s 
key 
assets. 
The 
physical 
risk 
review 
assessed 
the 
extent 
to 
which 
the 
company’s 
key 
assets 
and 
business 
operations 
may 
be 
exposed 
and 
are 
sensitive 
to 
the 
identified 
climate 
-related 
hazards, 
taking 
into 
consideration 
the 
likelihood, 
magnitude 
and 
duration 
of 
the 
hazards 
as 
well 
as 
the 
locations 
of 
the 
company’s 
assets 
in 
Finland. 
The 
development 
of 
transition 
risks 
was 
assessed 
on 
the 
company 
level 
in 
a 
scenario 
where 
global 
emissions 
decrease 
sharply 
thanks 
to 
determined 
emission 
reduction 
measures 
and 
the 
worst 
climate 
change 
impacts 
are 
kept 
in 
check 
(IPCC 
Paris-aligned, 
SSP1 
-2.6 
and 
IEA 
SDS). 
Transition 
risks 
were 
reviewed 
based 
on 
likelihood, 
magnitude 
and 
duration 
with 
a 
time 
horizon 
of 
around 
20 
years. 
The 
time 
horizon 
is 
shorter 
than 
in 
the 
review 
of 
physical 
risks, 
because 
in 
the 
climate 
policy 
operating 
environment, 
only 
a 
few 
national 
or 
international, 
legally 
binding 
milestones 
are 
scheduled 
for 
the 
period 
from 
2030–2050. 
The 
review 
of 
short-term 
transition 
risks 
is 
included 
in 
the 
company’s 
normal 
annual 
enterprise 
risk 
management 
process. 
No 
significant 
assets 
or 
business 
operations 
were 
identified 
that 
are 
not 
compatible 
with 
the 
transition 
to 
a 
climate 
neutral 
economy. 
The 
input 
data 
and 
assumptions 
used 
in 
the 
IPCC 
scenarios 
were 
used 
as 
input 
parameters 
in 
the 
risk 
descriptions 
of 
the 
work. 
The 
work 
resulted 
in 
a 
climate 
risk 
assessment 
methodology 
suitable 
for 
Fingrid, 
which 
uses 
climate 
scenarios 
based 
on 
the 
latest 
research 
data 
and 
covers 
both 
transition 
risks 
and 
physical 
risks. 
The 
results 
of 
the 
work 
were 
integrated 
into 
Fingrid’s 
enterprise 
risk 
management 
(ERM) 
process, 
in 
which 
the 
heads 
of 
business 
are 
responsible 
for 
the 
risks 
in 
their 
areas 
of 
responsibility 
and 
for 
the 
measures 
to 
manage 
them, 
and 
for 
regular 
reporting 
with 
the 
support 
of 
the 
persons 
responsible 
for 
risks 
in 
the 
businesses. 
Risk 
assessment 
of 
climate 
-related 
physical 
risks 
Fingrid 
prepares 
for 
the 
physical 
risks 
of 
more 
frequent 
and 
more 
powerful 
extreme 
weather 
phenomena 
in 
grid 
construction 
and 
operations. 
Due 
to 
the 
critical 
security 
of 
supply 
aspect 
of 
its 
operations, 
Fingrid 
has 
used 
this 
approach 
for 
a 
long 
time 
already. 
The 
management 
of 
physical 
climate 
risks 
has 
long 
been 
integrated 
in 
Fingrid’s 
processes, 
taking 
into 
consideration 
natural 
weather 
variations 
and 
the 
already 
experienced 
impacts 
of 
climate 
change. 
The 
contingency 
measures 
related 
to 
physical 
climate 
risks 
have 
focused 
on 
various 
context 
-specific 
risks 
as 
part 
of 
the 
company’s 
enterprise 
risk 
management 
since 
2023, 
including, 
in 
accordance 
with 
the 
EU 
taxonomy, 
temperature-related, 
wind 
-related, 
water-related 
and 
solid 
mass 
-related 
chronic 
and 
acute 
risks. 
The 
physical 
climate 
risks 
are 
largely 
hazards 
already 
identified 
by 
Fingrid 
for 
the 
company’s 
key 
assets 
and 
business 
activities. 
These 
are 
primarily 
related 
to 
the 
rise 
in 
temperature 
(heatwaves, 
rise 
in 
heat 
load), 
changes 
in 
precipitation 
patterns 
(freezing 
rain, 
heavy 
precipitation, 
flood), 
an 
increase 
in 
the 
likelihood 
of 
wildfires 
and 
changes 
in 
the 
likelihood 
of 
storms 
and 
ground 
frost. 
The 
primary 
assets 
affected 
by 
physical 
risks 
include 
transmission 
lines, 
substations 
and 
reserve 
power. 
Risk 
assessment 
of 
climate 
-related 
transition 
risks 
When 
reviewing 
climate 
risks 
through 
scenarios, 
transition 
risks 
are 
highlighted 
in 
the 
assessment 
of 
total 
risk, 
especially 
as 
a 
systemic 
risk 
for 
the 
power 
system. 
Transition 
risks 
are 
a 
fairly 
new 
challenge 
for 
all 
green 
transition 
actors, 
and 
Fingrid 
is 
in 
many 
ways 
at 
the 
core 
of 
this 
transition. 
This 
requires 
proactive 
and 
continuous 
monitoring 
from 
Fingrid, 
because 
many 
transition 
risks 
still 
involve 
significant 
uncertainties. 
Transition 
risks 
are 
a 
material 
sustainability 
matter 
for 
the 
company. 
That 
is 
why 
the 
matter 
is 
addressed 
already 
in 
connection 
with 
disclosure 
requirement 
SBM-3 
(Material 
impacts, 
risks 
and 
opportunities 
and 
their 
interaction 
with 
strategy 
and 
business 
model). 
Climate 
change 
transition 
risks 
consist 
of 
events 
related 
to 
regulations 
and 
policies, 
technological 
development, 
market 
changes 
and/or 
reputation, 
and 
often 
of 
combinations 
thereof. 
The 
risks 
that 
are 
considered 
critical 
in 
the 
risk 
assessment 
included 
many 
of 
the 
challenges 
faced 
by 
Finland’s 
electricity 
system, 
especially 
the 
management 
and 
controllability 
of 
the 
system 
when 
different 
technologies 
need 
to 
be 
integrated 
in 
new 
ways 
to 
maintain 
the 
balance 
of 
electricity 
production 
and 
consumption. 
Simultaneously, 
new 
electricity 
production 
technologies 
are 
changing 
the 
system’s 
operating 
principles 
and 
increasing 
the 
risk 
level 
of 
operation 
as 
the 
renewable, 
more 
weather-dependent 
electricity 
system 
becomes 
less 
controllable. 
The 
impact 
of 
climate 
policies 
on 
the 
carbon 
price 
and 
the 
spill 
-over 
effect 
on 
investment 
costs 
and 
the 
costs 
of 
own 
emission 
reduction 
measures 
is 
one 
of 
the 
significant 
transition 
risks 
with 
a 
cross 
-cutting 
dimension. 
Together 
with 
this 
development, 
another 
significant 
risk 
is 
that 
enabling 
the 
green 
transition 
in 
Finland 
in 
an 
adequate 
manner 
would 
not 
be 
possible 
for 
Fingrid. 
IRO-2 
Disclosure 
requirements 
in 
ESRS 
covered 
by 
the 
undertaking’s 
sustainability 
statement 

35 
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2026 
The 
list 
of 
the 
ESRS 
standards’ 
disclosure 
requirements 
that 
have 
been 
followed 
when 
preparing 
the 
sustainability 
statement 
based 
on 
the 
materiality 
assessment 
(content 
index) 
can 
be 
found 
in 
Appendix 
1. 
The 
list 
of 
data 
points 
listed 
in 
standard 
ESRS 
2 
Appendix 
B 
based 
on 
other 
EU 
legislation 
can 
be 
found 
in 
Appendix 
2. 
Fingrid’s 
material 
sustainability 
topics, 
taking 
into 
consideration 
the 
value 
chain 
in 
its 
material 
parts, 
are 
presented 
on 
an 
aggregate 
basis 
in 
connection 
with 
disclosure 
requirement 
SBM-3 
(Material 
impacts, 
risks 
and 
opportunities 
and 
their 
interaction 
with 
strategy 
and 
business 
model). 
1.12.2 
Environmental 
information 
EU 
taxonomy 
The 
EU 
taxonomy 
is 
designed 
to 
support 
sustainable 
finance 
by 
channelling 
money 
into 
projects 
that 
are 
sustainable 
in 
terms 
of 
climate 
change 
and 
the 
environment. 
Fingrid 
has 
calculated 
its 
taxonomy 
KPIs 
in 
compliance 
with 
the 
Delegated 
Regulation 
(EU) 
2139/2021, 
Annex 
1. 
In 
the 
sustainability 
statement 
for 
the 
financial 
year 
2025, 
the 
Commission 
Delegated 
Regulation 
(EU) 
2026/73 
allows 
the 
application 
of 
the 
previous 
EU 
Taxonomy 
framework 
applied 
also 
in 
sustainability 
statement 
for 
the 
financial 
year 
2024 
(including 
Commission 
Delegated 
Regulation 
(EU) 
2021/2139), 
the 
supplementary 
Climate 
Delegated 
Act 
(Commission 
Delegated 
Regulation 
(EU) 
2022/1214), 
the 
Environ-mental 
Delegated 
Act 
(Commission 
Delegated 
Regulation 
(EU) 
2023/2486), 
and 
the 
amendments 
to 
the 
Climate 
Delegated 
Act 
(Commission 
Delegated 
Regulation 
(EU) 
2023/2485). 
This 
option 
has 
been 
applied 
in 
the 
taxonomy 
reporting 
for 
the 
financial 
year 
2025. 
The 
company 
recognises 
that 
only 
electricity 
transmission 
and 
electricity 
distribution 
fall 
under 
its 
taxonomy-eligible 
activities. 
Relevant 
activities 
have 
been 
identified 
in 
both 
climate 
change 
mitigation 
and 
climate 
change 
adaptation, 
but 
the 
taxonomy 
-eligible 
and 
taxonomy-aligned 
activities 
were 
only 
assessed 
in 
terms 
of 
the 
most 
material 
environmental 
target. 
As 
part 
of 
the 
assessment, 
it 
was 
confirmed 
that 
Fingrid’s 
activities 
that 
significantly 
contribute 
to 
climate 
change 
mitigation 
Do 
No 
Significant 
Harm
 
to 
other 
environmental 
taxonomy 
objectives 
applicable 
to 
electricity 
transmission. 
Climate 
change 
adaptation 
requires 
the 
identification, 
assessment 
and 
management 
of 
the 
physical 
risks 
arising 
from 
climate 
change, 
and 
this 
is 
addressed 
in 
connection 
with 
disclosure 
requirement 
E1 
IRO-1 
(Description 
of 
the 
processes 
to 
identify 
and 
assess 
material 
climate 
-related 
impacts, 
risks 
and 
opportunities). 
The 
Do 
No 
Significant 
Harm 
(DNSH) 
principle 
for 
the 
transition 
to 
circular 
economy 
requires 
a 
waste 
management 
plan 
to 
ensure 
re-use 
or 
recycling 
to 
the 
maximum 
extent 
possible 
according 
to 
the 
waste 
management 
hierarchy. 
Fingrid’s 
systematic 
and 
goal-oriented 
waste 
management 
complies 
with 
this 
by 
means 
of 
contract 
terms 
for 
suppliers 
and 
waste 
specification 
documents, 
as 
described 
in 
connection 
with 
disclosure 
requirement 
E5-1 
(Policies 
related 
to 
resource 
use 
and 
circular 
economy). 
To 
prevent 
and 
reduce 
pollution, 
Fingrid 
has 
in 
place 
an 
occupational 
health 
and 
safety 
management 
system 
based 
on 
the 
ISO 
45001 
standard, 
which 
is 
considered 
to 
meet 
the 
principles 
of 
the 
International 
Finance 
Corporation’s 
(IFC) 
environmental, 
health 
and 
safety 
guidelines. 
Fingrid 
complies 
with 
the 
applicable 
standards 
and 
operational 
methods 
to 
reduce 
any 
health 
impacts 
from 
electric 
and 
magnetic 
fields. 
The 
limit 
values 
set 
by 
the 
Finnish 
Ministry 
of 
Social 
Affairs 
and 
Health 
for 
public 
exposure, 
based 
on 
the 
recommendation 
of 
the 
Council 
of 
the 
European 
Union, 
are 
not 
exceeded 
in 
the 
vicinity 
of 
transmission 
lines. 
Taxonomy 
alignment 
additionally 
requires 
that 
no 
polychlorinated 
biphenyls 
(PCBs) 
be 
used 
in 
the 
operations. 
Fingrid 
does 
not 
use 
any 
PCBs 
in 
its 
overhead 
lines. 
Due 
to 
the 
often 
long 
lifetime 
of 
grid 
equipment, 
PCBs 
have 
still 
been 
detected, 
generally 
in 
small 
concentrations, 
in 
a 
limited 
part 
of 
oils 
in 
old 
equipment. 
This 
equipment 
will 
be 
dismantled 
using 
appropriate 
methods 
as 
soon 
as 
their 
service 
life 
ends. 
Fingrid’s 
operations 
also 
do 
no 
significant 
harm 
to 
the 
protection 
of 
biodiversity 
and 
ecosystems 
and 
restoring 
them. 
Fingrid 
carries 
out 
environmental 
impact 
assessments 
in 
compliance 
with 
the 
EIA 
Directive 
and 
implements 
the 
harm 
reduction 
and 
compensation 
measures 
identified 
as 
necessary 
to 
protect 
the 
environment 
as 
described 
in 
connection 
with 
disclosure 
requirement 
E4-3 
(Actions 
and 
resources 
related 
to 
biodiversity 
and 
ecosystems). 
Appropriate 
assessments 
in 
compliance 
with 
the 
Habitats 
Directive 
and 
the 
Bird 
Directive 
are 
carried 
out 
in 
vulnerable 
areas 
and 

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FINGRID 
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March 
2026 
their 
vicinities 
(including 
the 
Natura 
2000 
network 
of 
protected 
areas, 
UNESCO 
world 
heritage 
sites, 
biodiversity 
hot 
spots 
and 
other 
nature 
reserves), 
and 
the 
necessary 
mitigation 
measures 
are 
implemented. 
As 
a 
minimum 
level 
of 
protection
, 
the 
Taxonomy 
Regulation 
requires 
measures 
to 
ensure 
that 
the 
OECD 
Guidelines 
for 
Multinational 
Companies 
and 
the 
UN 
Guiding 
Principles 
on 
Business 
and 
Human 
Rights 
are 
complied 
with. 
Fingrid 
has 
revised 
its 
procedures 
regarding 
human 
rights, 
bribery, 
competition 
and 
taxation. 
The 
company 
estimates 
that 
it 
meets 
the 
minimum 
safeguards 
of 
social 
responsibility 
and 
has 
in 
place 
procedures 
to 
oversee 
their 
compliance 
in 
the 
company’s 
own 
operations 
as 
well 
as 
in 
business 
relationships, 
in 
compliance 
with 
the 
due 
diligence 
obligation. 
In 
2016, 
Fingrid 
signed 
the 
UN 
Global 
Compact 
initiative 
and 
defined 
the 
Code 
of 
Conduct 
for 
its 
personnel 
in 
compliance 
with 
these 
principles 
and 
the 
UN’s 
Guiding 
Principles 
on 
Business 
and 
Human 
Rights. 
The 
public 
Code 
of 
Conduct 
approved 
by 
the 
company’s 
Board 
of 
Directors 
also 
includes 
Fingrid’s 
human 
rights 
commitment 
drawn 
up 
with 
assistance 
from 
a 
third-party 
specialist. 
Fingrid 
requires 
its 
service 
providers 
and 
suppliers 
to 
commit 
to 
the 
Supplier 
Code 
of 
Conduct, 
which 
covers 
issues 
such 
as 
business 
practices, 
human 
rights, 
labour 
rights, 
occupational 
safety, 
the 
environment, 
and 
anti-corruption 
in 
compliance 
with 
the 
United 
Nations’ 
Global 
Compact 
initiative. 
The 
Supplier 
Code 
of 
Conduct 
is 
also 
publicly 
available 
on 
Fingrid’s 
website. 
As 
early 
as 
2016, 
Fingrid 
started 
to 
further 
sharpen 
its 
human 
rights 
focus 
with 
an 
overall 
assessment 
in 
compliance 
with 
the 
UN’s 
Guiding 
Principles. 
Since 
then, 
Fingrid 
has 
annually 
updated 
its 
human 
rights 
action 
plan 
drawn 
up 
on 
the 
basis 
of 
the 
assessment 
and 
reviewed 
the 
need 
for 
an 
overall 
update 
of 
the 
assessment. 
In 
2023–2024, 
the 
human 
rights 
impact 
and 
risks 
assessment 
on 
which 
the 
Human 
Rights 
Due 
Diligence 
(HRDD) 
process 
is 
based 
was 
updated 
with 
support 
from 
third-party 
experts. 
At 
the 
same 
time, 
the 
human 
rights 
impact 
assessment 
(HRIA) 
was 
carried 
out 
for 
Fingrid’s 
entire 
value 
chain 
to 
assess 
actual 
or 
potential 
negative 
human 
rights 
impacts. 
The 
human 
rights 
responsibility 
of 
the 
subsidiaries 
Finextra 
and 
Fingrid 
Datahub 
was 
taken 
into 
consideration 
in 
the 
assessment. 
The 
human 
rights 
assessment 
focuses 
on 
ensuring 
responsible 
procurement, 
because 
the 
company’s 
business 
model 
is 
based 
on 
combining 
its 
core 
expertise 
with 
that 
of 
its 
partners. 
The 
descriptions 
of 
other 
areas 
in 
the 
HRDD 
process 
were 
also 
edited 
for 
more 
clarity 
and 
more 
concrete 
specifics 
in 
Fingrid’s 
operations. 
Anti-corruption 
and 
the 
prohibition 
to 
offer 
or 
accept 
an 
undue 
benefit, 
including 
anti-money 
laundering, 
anti-extortion 
and 
anti-bribery, 
are 
included 
in 
the 
Supplier 
Code 
of 
Conduct 
and 
in 
Fingrid’s 
Code 
of 
Conduct, 
which 
obligate 
the 
entire 
personnel, 
with 
various 
practices 
in 
place 
to 
oversee 
compliance 
at 
the 
company 
level. 
The 
Code 
of 
Conduct 
also 
prohibits 
any 
support 
to 
religious 
or 
political 
activities. 
More 
detailed 
instructions 
linked 
to 
the 
Code 
of 
Conduct 
for 
areas 
such 
as 
business 
gifts 
and 
ensuring 
impartiality 
include 
other 
principles, 
policies 
and 
guidelines, 
and 
induction 
programmes. 
The 
internal 
control 
and 
risk 
management 
principles 
define 
the 
operating 
models 
to 
be 
used 
in 
internal 
control 
and 
risk 
management, 
and 
the 
control 
measures 
also 
applicable 
to 
bribery, 
demands 
of 
bribes 
and 
prevention 
of 
extortion. 
The 
risk 
of 
non-compliance 
is 
reported 
to 
the 
Board 
of 
Directors 
in 
accordance 
with 
the 
annual 
cycle, 
covering 
any 
behaviour 
that 
conflicts 
with 
the 
Code 
of 
Conduct 
and 
Fingrid’s 
valu 
es. 
The 
company 
-level 
public 
reporting 
includes 
corruption 
or 
bribery 
cases, 
if 
any. 
Fingrid 
complies 
in 
all 
its 
operations 
with 
the 
principles 
and 
regulations 
of 
Finnish 
and 
EU 
competition 
law. 
Each 
person 
working 
at 
Fingrid 
has 
the 
duty 
to 
contribute 
to 
ensuring 
that 
Fingrid 
complies 
with 
the 
competition 
legislation 
in 
force. 
This 
obligation 
also 
applies 
to 
the 
company’s 
customer 
organisations. 
Separate 
public 
guidelines 
on 
the 
compliance 
of 
competition 
law 
are 
in 
place 
for 
Fingrid’s 
advisory 
committee, 
other 
committees 
and 
similar 
working 
groups. 
Tendering 
of 
services 
in 
an 
honest, 
ethical, 
professional, 
market-based 
and 
transparent 
manner 
is 
included 
in 
the 
company’s 
Code 
of 
Conduct. 
As 
regards 
taxation, 
Fingrid 
honours 
its 
Code 
of 
Conduct 
by 
being 
a 
responsible 
taxpayer 
and 
does 
not 
make 
special 
arrangements 
to 
minimise 
taxes. 
Fingrid 
commits, 
for 
its 
part, 
to 
prevent 
the 
grey 
economy. 
The 
company 
has 
no 
taxation 
risk 
strategy 
approved 
by 
the 
Board 
of 
Directors, 
because 
the 
company 
has 
not 
identified 
any 
material 
risks 
related 
to 
taxation. 
According 
to 
the 
assessment 
of 
the 
operations 
in 
2025, 
a 
substantial 
proportion 
of 
Fingrid’s 
operations 
is 
both 
taxonomy-eligible 
and 
taxonomy-aligned 
and 
significantly 
reduces 
the 
GHG 
emissions 
from 
other 
sectors. 
Taxonomy-
aligned 
activities 
accounted 
for 
94.9 
(95.6) 
per 
cent 
of 
turnover, 
92.8 
(97.2) 
per 
cent 
of 
CapEx, 
and 
84.7 
(86.2) 
per 
cent 
of 
OpEx. 
There 
are 
no 
significant 
changes 
in 
the 
calculation 
compared 
to 
the 
previous 
year. 
Section 
4.1.3 
of 
the 
financial 
statements 
contains 
a 
more 
detailed 
breakdown 
of 
the 
turnover 
and 
changes 
during 
the 
reporting 
period. 
The 
investment 
plan 
is 
described 
in 
section 
E1-3 
of 
the 
sustainability 
statement. 
Taxonomy 
-aligned 
OpEx 
was 
EUR 
3.8 
(3.1) 
million 
for 
research 
and 
development, 
grid 
maintenance 
costs 
were 
EUR 
51.3 
(46.5) 
million 
and 
lease 
expenses 
were 
EUR 
1.4 
(1.3) 
million. 

37 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Electricity 
transmission 
is 
classified 
as 
a 
taxonomy-eligible 
sustainable 
economic 
activity, 
which 
has 
technical 
assessment 
criteria 
in 
place 
for 
assessing 
taxonomy-alignment. 
In 
terms 
of 
climate 
change 
mitigation, 
the 
transmission 
of 
electricity 
has 
been 
defined 
as 
an 
enabling 
activity 
with 
which 
other 
sectors’ 
GHG 
emissions 
can 
be 
significantly 
reduced. 
Calculations 
have 
been 
made 
on 
the 
portions 
of 
Fingrid’s 
operations 
that 
are 
taxonomy-eligible 
and 
meet 
the 
assessment 
criteria 
related 
to 
climate 
change 
mitigation. 
The 
three 
key 
performance 
indicators 
(KPIs) 
required 
by 
the 
taxonomy 
have 
been 
calculated: 
turnover, 
capital 
expenditure 
and 
operational 
expenditure. 
The 
starting 
point 
for 
the 
assessment 
is 
the 
fact 
that 
electricity 
transmission 
has 
been 
classified 
as 
a 
taxonomy 
-eligible 
sustainable 
economic 
activity. 
However, 
the 
peak 
load 
capacity 
income 
from 
Fingrid’s 
operations 
is 
not 
taxonomy-eligible 
because 
it 
is 
not 
directly 
related 
to 
the 
transmission 
and 
use 
of 
electricity 
in 
the 
main 
grid 
and, 
according 
to 
Fingrid’s 
interpretation, 
there 
are 
no 
other 
taxonomy 
-eligible 
activities 
(in 
compliance 
with 
the 
Taxonomy 
Regulation) 
that 
could 
be 
applied 
in 
this 
case. 
Due 
to 
the 
same 
reason, 
the 
Datahub 
income 
and 
the 
guarantee 
of 
origin 
certificate 
service 
are 
also 
not 
classified 
as 
taxonomy 
-eligible 
even 
though 
they 
have 
a 
positive 
impact 
on 
climate 
change 
mi 
tigation. 
When 
assessing 
the 
taxonomy-alignment 
of 
Fingrid’s 
operations, 
an 
essential 
criterion 
is 
met 
in 
that 
the 
transmission 
system 
is 
an 
interconnected 
European 
system. 
However, 
a 
Fingrid 
operation 
is 
not 
taxonomy-aligned 
if 
it 
includes 
infrastructure 
dedicated 
to 
creating 
a 
direct 
connection 
or 
expanding 
an 
existing 
direct 
connection 
between 
a 
substation 
or 
network 
and 
a 
power 
production 
plant 
that 
is 
more 
GHG 
intensive 
than 
100 
g 
CO
2
e/kWh 
measured 
on 
a 
life 
cycle 
basis. 
Such 
direct 
connections 
are 
rare 
and 
are 
excluded 
from 
the 
calculations 
of 
taxonomy 
-aligned 
operations. 
Fingrid’s 
reserve 
power 
activities 
are 
also 
excluded 
from 
the 
calculations, 
on 
the 
same 
grounds. 
The 
intelligent 
measurement 
systems 
in 
use 
at 
Fingrid 
have 
been 
verified 
to 
comply 
with 
the 
criteria 
set 
in 
the 
Electricity 
Directive. 
In 
the 
taxonomy-alignment 
calculations, 
the 
proportion 
of 
the 
equipment 
containing 
PCBs 
has 
been 
deducted 
from 
the 
power 
and 
instrument 
transformer 
groups. 
The 
production 
and 
import 
of 
PCBs 
have 
been 
prohibited 
in 
Finland 
since 
1990. 
The 
detected 
PCB 
concentrations 
have 
generally 
been 
low. 
The 
lifetime 
of 
grid 
equipment 
is 
often 
long, 
which 
is 
why 
PCBs 
have 
been 
detected 
in 
a 
limited 
part 
of 
old 
equipment 
when 
sampling 
oils 
in 
power 
transformers 
and 
dismantling 
oil-insulated 
equipment.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
38 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Turnover 
of 
taxonomy-eligible 
activities 
Financial 
year 
2025 
Year 
Substantial 
Contribution 
Criteria 
‘Does 
Not 
Significantly 
Harm’ 
criteria 
(DNSH 
criteria) 
Economic 
Activities 
Code 
(a)
Turnover
Proportion 
of 
Turnover, 
year 
2025
Climate 
Change 
Mitigation
Climate 
Change 
Adaptation
Water
Pollution
Circular 
Economy
Biodiversity
Climate 
Change 
Mitigation
Climate 
Change 
Adaptation
Water
Pollution
Circular 
Economy
Biodiversity
Minimum 
Safeguards
Proportion 
of 
Taxonomy 
aligned 
(A.1.) 
or 
eligible 
(A.2.) 
turnover, 
year 
2024 
Category 
enabling 
activity 
Category 
transitional 
activity 
M€ 
% 
Y; 
N; 
N/EL 
(b) 
(c) 
Y; 
N; 
N/EL 
(b) 
(c) 
Y; 
N; 
N/EL 
(b) 
(c) 
Y; 
N; 
N/EL 
(b) 
(c) 
Y; 
N; 
N/EL 
(b) 
(c) 
Y; 
N; 
N/EL 
(b) 
(c) 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
% 
E 
T 
A. 
TAXONOMY 
-ELIGIBLE 
ACTIVITIES 
A.1. 
Environmentally 
sustainable 
activities 
(Taxonomy 
-aligned) 
Electricity 
transmission 
and 
distribution 
CCM 
4.9 
1,062 
94.9 
% 
Y 
N/EL 
N/EL 
N/EL 
N/EL 
N/EL 
Y 
Y 
Y 
Y 
Y 
Y 
Y 
95.6 
% 
E 
Turnover 
of 
environmentally 
sustainable 
activities 
(Taxonomy 
-aligned) 
(A.1) 
1,062 
94.9 
% 
95% 
0% 
0% 
0% 
0% 
0% 
Y 
Y 
Y 
Y 
Y 
Y 
Y 
95.6 
% 
Of 
which 
Enabling 
1,062 
94.9 
% 
95% 
0% 
0% 
0% 
0% 
0% 
Y 
Y 
Y 
Y 
Y 
Y 
Y 
95.6 
% 
E 
Of 
which 
Transitional 
A.2 
Taxonomy 
-Eligible 
but 
not 
environmentally 
sustainable 
activities 
(not 
Taxonomy 
-aligned 
activities) 
(g) 
EL; 
N/EL 
(f) 
EL; 
N/EL 
(f) 
EL; 
N/EL 
(f) 
EL; 
N/EL 
(f) 
EL; 
N/EL 
(f) 
EL; 
N/EL 
(f) 
Electricity 
transmission 
and 
distribution 
CCM 
4.9 
33 
2.9 
% 
KEL 
E/KEL 
E/KEL 
E/KEL 
E/KEL 
E/KEL 
2.7 
% 
Turnover 
of 
Taxonomy 
-eligible 
but 
not 
environmentally 
sustainable 
activities 
(not 
Taxonomy 
-aligned 
activities) 
(A.2) 
33 
2.9 
% 
3% 
0% 
0% 
0% 
0% 
0% 
2.7 
% 
A. 
Turnover 
of 
Taxonomy 
eligible 
activities 
(A.1+A.2) 
1,095 
98% 
98% 
0% 
0% 
0% 
0% 
0% 
98.3 
% 
B. 
TAXONOMY 
-NON-ELIGIBLE 
ACTIVITIES 
Turnover 
of 
Taxonomy 
-non-
eligible 
activities 
24 
2.1 
% 
TOTAL 
1,118 
100% 
N/EL 
= 
Non-eligible 
EL 
= 
Eligible 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
39 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Capex 
of 
taxonomy-eligible 
activities 
Financial 
year 
2025 
Year 
Substantial 
Contribution 
Criteria 
‘Does 
Not 
Significantly 
Harm’ 
criteria 
(DNSH 
criteria) 
Economic 
Activities 
Code 
(a)
Turnover
Proportion 
of 
Turnover, 
year 
2025
Climate 
Change 
Mitigation
Climate 
Change 
Adaptation
Water
Pollution
Circular 
Economy
Biodiversity
Climate 
Change 
Mitigation
Climate 
Change 
Adaptation
Water
Pollution
Circular 
Economy
Biodiversity
Minimum 
Safeguards
Proportion 
of 
Taxonomy 
aligned 
(A.1.) 
or 
eligible 
(A.2.) 
CapEx, 
year 
2024 
Category 
enabling 
activity 
Category 
transitional 
activity 
M€ 
% 
Y; 
N; 
N/EL 
(b) 
(c) 
Y; 
N; 
N/EL 
(b) 
(c) 
Y; 
N; 
N/EL 
(b) 
(c) 
Y; 
N; 
N/EL 
(b) 
(c) 
Y; 
N; 
N/EL 
(b) 
(c) 
Y; 
N; 
N/EL 
(b) 
(c) 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
% 
E 
T 
A. 
TAXONOMY 
-ELIGIBLE 
ACTIVITIES 
A.1. 
Environmentally 
sustainable 
activities 
(Taxonomy 
-aligned) 
Electricity 
transmission 
and 
distribution 
CCM 
4.9 
261 
92.8 
% 
Y 
N/EL 
N/EL 
N/EL 
N/EL 
N/EL 
Y 
Y 
Y 
Y 
Y 
Y 
Y 
97.2 
% 
E 
CapEx 
of 
environmentally 
sustainable 
activities 
(Taxonomy 
-aligned) 
(A.1) 
261 
92.8 
% 
92.8 
% 
0% 
0% 
0% 
0% 
0% 
Y 
Y 
Y 
Y 
Y 
Y 
Y 
97.2 
% 
Of 
which 
Enabling 
261 
92.8 
% 
92.8 
% 
0% 
0% 
0% 
0% 
0% 
Y 
Y 
Y 
Y 
Y 
Y 
Y 
97.2 
% 
E 
Of 
which 
Transitional 
A.2 
Taxonomy 
-Eligible 
but 
not 
environmentally 
sustainable 
activities 
(not 
Taxonomy 
-aligned 
activities) 
(g) 
EL; 
N/EL 
(f) 
EL; 
N/EL 
(f) 
EL; 
N/EL 
(f) 
EL; 
N/EL 
(f) 
EL; 
N/EL 
(f) 
EL; 
N/EL 
(f) 
Electricity 
transmission 
and 
distribution 
CCM 
4.9 
20 
7.2 
% 
KEL 
E/KEL 
E/KEL 
E/KEL 
E/KEL 
E/KEL 
2.8 
% 
CapEx 
of 
Taxonomy 
-eligible 
but 
not 
environmentally 
sustainable 
activities 
(not 
Taxonomy 
-aligned 
activities) 
(A.2) 
20 
7.2 
% 
7.2 
% 
0% 
0% 
0% 
0% 
0% 
2.8 
% 
A. 
CapEx 
of 
Taxonomy 
eligible 
activities 
(A.1+A.2) 
281 
100% 
100% 
0% 
0% 
0% 
0% 
0% 
100% 
B. 
TAXONOMY 
-NON-ELIGIBLE 
ACTIVITIES 
CapEx 
of 
Taxonomy 
-non 
-eligible 
activities 
0 
0.0 
% 
TOTAL 
281 
100% 
N/EL 
= 
Non-eligible 
EL 
= 
Eligible 
Capital 
expenditure 
and 
total 
investments 
in 
accordance 
with 
figures 
reported 
by 
Fingrid 
Group. 
Fingrid 
Group’s 
accounting 
principles 
for 
capital 
expenditure 
can 
be 
found 
in 
section 
4.1.3 
and 
4.2.2 
of 
the 
financial 
statements. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
40 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Opex 
of 
taxonomy-eligible 
activities 
Financial 
year 
2025 
Year 
Substantial 
Contribution 
Criteria 
‘Does 
Not 
Significantly 
Harm’ 
criteria 
(DNSH 
criteria) 
Economic 
Activities 
Code 
(a)
Turnover
Proportion 
of 
Turnover, 
year 
2025
Climate 
Change 
Mitigation
Climate 
Change 
Adaptation
Water
Pollution
Circular 
Economy
Biodiversity
Climate 
Change 
Mitigation
Climate 
Change 
Adaptation
Water
Pollution 
Circular 
Economy
Biodiversity
Minimum 
Safeguards
Proportion 
of 
Taxonomy 
aligned 
(A.1.) 
or 
eligible 
(A.2.) 
OpEx, 
year 
2023 
Category 
enabling 
activity 
Category 
transitional 
activity 
M€ 
% 
Y; 
N; 
N/EL 
(b) 
(c) 
Y; 
N; 
N/EL 
(b) 
(c) 
Y; 
N; 
N/EL 
(b) 
(c) 
Y; 
N; 
N/EL 
(b) 
(c) 
Y; 
N; 
N/EL 
(b) 
(c) 
Y; 
N; 
N/EL 
(b) 
(c) 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
% 
E 
T 
A. 
TAXONOMY 
-ELIGIBLE 
ACTIVITIES 
A.1 
Environmentally 
sustainable 
activities 
(Taxonomy 
-aligned) 
Electricity 
transmission 
and 
distribution 
CCM 
4.9 
57 
84.7 
% 
Y 
N/EL 
N/EL 
N/EL 
N/EL 
N/EL 
Y 
Y 
Y 
Y 
Y 
Y 
Y 
86.2 
% 
E 
OpEx 
of 
environmentally 
sustainable 
activities 
(Taxonomy 
-aligned) 
(A.1) 
57 
84.7 
% 
84.7 
% 
0% 
0% 
0% 
0% 
0% 
Y 
Y 
Y 
Y 
Y 
Y 
Y 
86.2 
% 
Of 
which 
Enabling 
57 
84.7 
% 
84.7 
% 
0% 
0% 
0% 
0% 
0% 
Y 
Y 
Y 
Y 
Y 
Y 
Y 
86.2 
% 
E 
Of 
which 
Transitional 
A.2 
Taxonomy 
-Eligible 
but 
not 
environmentally 
sustainable 
activities 
(not 
Taxonomy 
-aligned 
activities) 
(g) 
EL; 
N/EL 
(f) 
EL; 
N/EL 
(f) 
EL; 
N/EL 
(f) 
EL; 
N/EL 
(f) 
EL; 
N/EL 
(f) 
EL; 
N/EL 
(f) 
Electricity 
transmission 
and 
distribution 
CCM 
4.9 
10 
15.3 
% 
EL 
N/EL 
N/EL 
N/EL 
N/EL 
N/EL 
13.8 
% 
OpEx 
of 
Taxonomy 
-eligible 
but 
not 
environmentally 
sustainable 
activities 
(not 
Taxonomy 
-aligned 
activities) 
(A.2) 
10 
15.3 
% 
15.3 
% 
0% 
0% 
0% 
0% 
0% 
13.8 
% 
A. 
OpEx 
of 
Taxonomy 
eligible 
activities 
(A.1+A.2) 
67 
100% 
100% 
0% 
0% 
0% 
0% 
0% 
100% 
B. 
TAXONOMY 
-NON-ELIGIBLE 
ACTIVITIES 
OpEx 
of 
Taxonomy 
-non 
-eligible 
activities 
0 
0.0 
% 
TOTAL 
67 
100% 
N/EL 
= 
Non-eligible 
EL 
= 
Eligible 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
41 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Nuclear 
and 
fossil 
gas 
related 
activities 
Row 
Nuclear 
energy 
related 
activities 
1. 
The 
undertaking 
carries 
out, 
funds 
or 
has 
exposures 
to 
research, 
development, 
demonstration 
and 
deployment 
of 
innovative 
electricity 
generation 
facilities 
that 
produce 
energy 
from 
nuclear 
processes 
with 
minimal 
waste 
from 
the 
fuel 
cycle. 
No 
2. 
The 
undertaking 
carries 
out, 
funds 
or 
has 
exposures 
to 
construction 
and 
safe 
operation 
of 
new 
nuclear 
installations 
to 
produce 
electricity 
or 
process 
heat, 
including 
for 
the 
purposes 
of 
district 
heating 
or 
industrial 
processes 
such 
as 
hydrogen 
production, 
as 
well 
as 
their 
safety 
upgrades, 
using 
best 
available 
technologies. 
No 
3. 
The 
undertaking 
carries 
out, 
funds 
or 
has 
exposures 
to 
safe 
operation 
of 
existing 
nuclear 
installations 
that 
produce 
electricity 
or 
process 
heat, 
including 
for 
the 
purposes 
of 
district 
heating 
or 
industrial 
processes 
such 
as 
hydrogen 
production 
from 
nuclear 
energy, 
as 
well 
as 
their 
safety 
upgrades. 
No 
Fossil 
gas 
related 
activities 
4. 
The 
undertaking 
carries 
out, 
funds 
or 
has 
exposures 
to 
construction 
or 
operation 
of 
electricity 
generation 
facilities 
that 
produce 
electricity 
using 
fossil 
gaseous 
fuels. 
No 
5. 
The 
undertaking 
carries 
out, 
funds 
or 
has 
exposures 
to 
construction, 
refurbishment, 
and 
operation 
of 
combined 
heat/cool 
and 
power 
generation 
facilities 
using 
fossil 
gaseous 
fuels. 
No 
6. 
The 
undertaking 
carries 
out, 
funds 
or 
has 
exposures 
to 
construction, 
refurbishment 
and 
operation 
of 
heat 
generation 
facilities 
that 
produce 
heat/cool 
using 
fossil 
gaseous 
fuels. 
No 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
42 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
ESRS 
E1 
– 
Climate 
Change 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
climate 
change 
When 
it 
comes 
to 
climate 
change, 
material 
sub-topics 
for 
Fingrid 
include 
climate 
change 
adaptation, 
climate 
change 
mitigation 
and 
energy. 
Fingrid 
is 
implementing 
a 
substantial 
– 
its 
largest 
ever 
– 
investment 
plan, 
which 
will 
enable 
the 
electrification 
of 
society 
and 
the 
transmission 
of 
clean 
electricity 
from 
production 
to 
consumption 
required 
to 
reduce 
GHG 
emissions. 
To 
support 
this 
change, 
the 
company 
must 
succeed 
in 
developing 
the 
electricity 
market 
and 
the 
solutions 
serving 
it. 
The 
material 
climate 
impact 
of 
Fingrid’s 
business 
operations 
shows 
as 
an 
indirect 
decline 
in 
GHG 
emissions, 
as 
climate 
change 
mitigation 
in 
Finland 
becomes 
possible. 
The 
green 
transition 
creates 
an 
investment 
opportunity 
for 
Fingrid, 
but 
at 
the 
same 
time 
the 
company 
has 
to 
manage 
material 
systemic 
risks 
related 
to 
the 
transition 
to 
a 
clean 
power 
system. 
Transition 
risks 
primarily 
arise 
from 
regulation 
and 
the 
realisation 
of 
the 
system 
responsibility 
for 
the 
electricity 
network 
in 
the 
carbon 
neutral 
energy 
system 
of 
the 
future, 
when 
balancing 
the 
weather-
dependent 
power 
system 
will 
be 
more 
challenging 
than 
today. 
The 
company 
must 
also 
be 
able 
to 
build 
new 
grid 
infrastructure 
with 
the 
pace 
and 
magnitude 
required 
by 
the 
green 
transition. 
ESRS 
standard
Material 
topics
Impact
Financial 
impact
Identified 
impacts
Risks 
and 
opportunities
Fingrid’s 
policies 
for 
impacts, 
risks 
and 
opportunities 
management 
E1 
Climate 
change 
↑Climate 
change 
mitigation 
↓Climate 
change 
adaptation 
↓Energy 
• 
• 
↑Enabling 
climate 
change 
mitigation 
and 
indirect 
reduction 
of 
GHG 
emissions 
by 
connecting 
new 
renewable 
energy 
production 
and 
consumption 
to 
the 
grid 
↑/↓Flexibility 
and 
functionality 
of 
the 
electricity 
market 
+ 
Investment 
need 
arising 
from 
the 
green 
transition 
- 
Risks 
arising 
from 
the 
transition 
to 
a 
clean 
power 
system, 
such 
as 
system 
responsibility 
and 
adequacy 
of 
grid 
building 
Principles 
of 
ensuring 
transmission 
capacity 
Principles 
for 
promoting 
the 
electricity 
market 
Internal 
control 
and 
risk 
management 
principles 
Loss 
power 
procurement 
policy 
Transmission 
capacity 
allocation 
and 
congestion 
management 
policy 
Grid 
planning, 
building 
and 
maintenance 
management 
policies 
Land 
use 
and 
environmental 
policy 
↑ 
Positive 
impact 
/ 
↓ 
Negative 
impact 
/ 
+ 
Opportunity 
/ 
- 
Risk 
E1-1 
Transition 
plan 
for 
climate 
change 
mitigation 
Fingrid’s 
transition 
plan 
for 
climate 
change 
mitigation 
is 
a 
set 
of 
targets 
and 
measures, 
which 
includes 
as 
key 
elements 
the 
company’s 
grid 
investments, 
the 
reduction 
of 
the 
company’s 
own 
GHG 
emissions 
aligned 
with 
the 
Paris 
Agreement 
and 
climate 
change 
adaptation 
as 
part 
of 
the 
company’s 
risk 
management. 
The 
transition 
plan 
that 
they 
form 
and 
its 
compatibility 
with 
Fingrid’s 
business 
strategy 
and 
financing 
are 
described 
in 
this 
sustainability 
statement. 
From 
a 
sustainable 
development 
perspective, 
the 
most 
impactful 
aspect 
of 
Fingrid’s 
climate 
work 
is 
the 
positive 
impact 
– 
the 
climate 
benefit 
– 
created 
by 
the 
company 
through 
its 
operations. 
The 
EU 
taxonomy 
also 
defines 
the 
transmission 
of 
electricity 
as 
an 
enabling 
activity 
with 
which 
other 
sectors’ 
GHG 
emissions 
can 
be 
significantly 
reduced. 
By 
making 
grid 
investments, 
Fingrid 
enables 
the 
reduction 
of 
GHG 
emissions 
in 
Finland 
through 
electrification. 
The 
company’s 
power 
system 
vision 
is 
based 
on 
the 
achievement 
of 
Finland’s 
climate 
goals 
and 
the 
low-carbon 
roadmaps 
of 
different 
industries. 
When 
Fingrid 
implements 
grid 
investments 
as 
approved 
by 
the 
Board 
of 
Directors, 
the 
connection 
of 
renewable 
production 
and 
consumption 
becomes 
possible 
and 
GHG 
emissions 
in 
Finland 
decrease. 
In 
addition 
to 
grid 
investments, 
climate 
change 
mitigation 
is 
enabled 
through 
electricity 
market 
solutions 
and 
customer 
flexibility. 
Through 
its 
operations, 
Fingrid 
supports 
society’s 
transition 
to 
a 
sustainable 
economy 
and 
the 

43 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
limiting 
of 
global 
warming 
and 
acts 
as 
one 
of 
the 
enablers 
in 
achieving 
climate 
goals, 
and 
therefore, 
there 
is 
no 
need 
for 
the 
company 
to 
change 
its 
strategy 
or 
business 
model 
in 
this 
respect. 
The 
planned 
investments 
are 
managed 
through 
the 
grid 
development 
plan, 
which 
covers 
the 
new 
and 
replacement 
investments 
in 
the 
main 
grid 
for 
the 
next 
ten 
years. 
The 
development 
plan 
is 
the 
current 
best 
estimate 
of 
future 
investments 
and 
it 
determines 
the 
size 
and 
schedule 
of 
the 
investment 
projects. 
The 
company 
finances 
its 
investments 
using 
the 
cash 
flow 
of 
operating 
activities 
and 
primarily 
with 
balance 
sheet 
financing 
using 
green 
financing. 
The 
company’s 
debt 
financing 
does 
not 
include 
any 
preconditions 
or 
financial 
covenants 
based 
on 
financial 
ratios. 
The 
development 
plan 
published 
by 
Fingrid 
is 
assessed 
as 
a 
continuous 
process 
and 
updated 
several 
times 
a 
year. 
The 
development 
plan 
is 
reported 
regularly 
to 
the 
steering 
group 
tasked 
with 
ensuring 
transmission 
capacity, 
the 
executive 
management 
group 
and 
the 
Board 
of 
Directors. 
The 
Board 
of 
Directors 
approves 
the 
principles 
for 
drawing 
up 
the 
plan 
regularly. 
Every 
year, 
the 
Board 
of 
Directors 
approves 
the 
investment 
budget 
for 
the 
next 
year. 
The 
set 
of 
targets 
and 
measures 
included 
in 
the 
transition 
plan 
for 
climate 
change 
mitigation 
is 
approved 
by 
the 
Board 
of 
Directors 
in 
connection 
with 
sustainability 
reporting. 
In 
2025, 
according 
to 
the 
EU 
taxonomy 
review, 
a 
substantial 
proportion 
of 
Fingrid’s 
operations 
is 
both 
taxonomy-
eligible 
and 
taxonomy-aligned 
activity, 
which 
significantly 
reduces 
the 
GHG 
emissions 
from 
other 
sectors. 
The 
same 
applies 
to 
capital 
and 
operational 
expenditure, 
and 
the 
company 
has 
no 
specific 
targets 
or 
plans 
to 
adapt 
its 
operations 
in 
this 
respect. 
In 
2025, 
the 
operational 
expenditure 
(OpEx) 
allocated 
to 
the 
implementation 
of 
the 
transition 
plan, 
aligned 
with 
the 
taxonomy’s 
climate 
change 
mitigation 
criteria, 
was 
EUR 
57 
(51) 
million. 
The 
capital 
expenditure 
(CapEx) 
allocated 
to 
the 
implementation 
of 
the 
transition 
plan, 
aligned 
with 
the 
taxonomy’s 
climate 
change 
mitigation 
criteria, 
was 
EUR 
261 
(449) 
million. 
The 
amounts 
above 
are 
also 
significant 
monetary 
amounts 
of 
the 
CapEx 
and 
OpEx 
required 
to 
implement 
the 
actions 
taken 
or 
planned. 
The 
taxonomy 
reporting 
in 
its 
entirety 
is 
addressed 
in 
a 
separate 
section 
(EU 
taxonomy). 
The 
grid 
building 
and 
maintenance 
work 
by 
Fingrid 
also 
leads 
to 
GHG 
emissions 
that 
result 
in 
negative 
climate 
impacts. 
The 
company 
aims 
to 
reduce 
these 
emissions 
in 
line 
with 
the 
Paris 
Agreement. 
Direct 
GHG 
emissions 
result 
from 
the 
sulphur 
hexafluoride 
(SF6) 
needed 
as 
an 
insulating 
gas 
at 
substations 
and 
the 
light 
fuel 
oil 
needed 
at 
reserve 
power 
plants. 
Indirect 
emissions 
result 
from 
district 
heating 
and 
electricity 
consumption, 
especially 
from 
covering 
power 
losses 
in 
electricity 
transmission. 
Material 
GHG 
emissions 
are 
also 
generated 
in 
the 
upstream 
value 
chain, 
especially 
from 
the 
building 
materials 
of 
transmission 
line 
and 
substation 
investments. 
The 
lock 
-in 
of 
GHG 
emissions 
and 
the 
limited 
range 
of 
decarbonisation 
levers 
are 
currently 
related 
to 
the 
use 
of 
sulphur 
hexafluoride 
at 
substations 
and 
the 
use 
of 
light 
fuel 
oil 
at 
reserve 
power 
plants. 
Fingrid 
has 
also 
decided 
to 
reduce 
its 
SF6 
volume 
as 
the 
equipment 
reaches 
the 
end 
of 
its 
service 
life 
and 
new 
technology 
enables 
new 
solutions. 
It 
is 
not 
possible 
to 
switch 
out 
the 
SF6 
gas 
without 
modernising 
the 
equipment. 
For 
the 
time 
being, 
the 
large-scale 
use 
of 
new 
solutions 
is 
restricted 
by 
technical 
requirements, 
a 
lack 
of 
technology 
suitable 
for 
higher 
voltage 
levels 
and 
a 
lack 
of 
practical 
experience. 
However, 
the 
SF6 
emissions 
are 
not 
estimated 
to 
compromise 
the 
achievement 
of 
the 
company’s 
GHG 
emission 
reduction 
targets. 
The 
functionality 
of 
Fingrid’s 
reserve 
power 
plants 
is 
key 
in 
implementing 
the 
company’s 
system 
responsibility 
in 
severe 
disturbances. 
Based 
on 
previous 
technical 
and 
economic 
studies, 
it 
has 
not 
been 
possible 
to 
switch 
over 
to 
renewable 
fuels 
at 
the 
plants. 
The 
company 
has 
set 
science 
-based 
GHG 
emission 
reduction 
targets 
that 
are 
compatible 
with 
limiting 
global 
warming 
to 
1.5°C. 
In 
2025, 
Fingrid’s 
GHG 
emission 
reduction 
targets 
were 
approved 
under 
the 
Science 
Based 
Targets 
initiative 
(SBTi). 
Through 
its 
short-term 
science-based 
targets, 
the 
company 
commits 
to 
reducing, 
by 
2030, 
its 
absolute 
direct 
GHG 
emissions 
(Scope 
1) 
by 
42 
per 
cent 
from 
the 
level 
of 
the 
base 
year 
2022. 
The 
reduction 
target 
for 
indirect 
Scope 
2 
GHG 
emissions 
is 
53 
per 
cent. 
Fingrid 
is 
committed 
to 
reducing 
its 
other 
indirect 
Scope 
3 
emissions 
by 
25 
per 
cent 
by 
2030 
from 
the 
2022 
level. 
The 
key 
emission 
reduction 
measures 
to 
achieve 
the 
targets 
are 
the 
procurement 
of 
aluminium 
conductors 
produced 
using 
fossil 
-fee 
electricity 
and 
the 
switch 
over 
to 
renewable 
fuel 
oil 
in 
reserve 
power 
production, 
which 
is 
currently 
being 
looked 
into. 
The 
reduction 
of 
Scope 
3 
emissions 
in 
the 
value 
chain 
is 
addressed 
in 
connection 
with 
disclosure 
requirement 
E1-3 
(Actions 
and 
resources 
in 
relation 
to 
climate 
change 
policies). 
The 
most 
effective 
way 
to 
reduce 
emissions 
occurring 
in 
the 
value 
chain 
is 
to 
choose 
low-emission 
materials 
when 
the 
company 
carries 
out 
transmission 
line 
and 
substation 
investments 
in 
the 
main 
grid 
to 
enable 
the 
green 
transition. 
The 
measures 
to 
reduce 
GHGs 
in 
different 
emission 
scopes 
have 
been 
fully 
compiled 
in 
a 
company 
-level 
action 
plan. 
The 
development 
of 
GHG 
emissions 
and 
the 
achievement 
of 
emission 
reduction 
targets 
are 
monitored 
as 
part 
of 
sustainability 
reporting. 

44 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Fingrid 
is 
not 
excluded 
from 
the 
EU 
Paris-aligned 
Benchmarks. 
Fingrid’s 
progress 
in 
investments 
implementing 
the 
transition 
plan 
is 
addressed 
in 
note 
4.2.1 
to 
the 
financial 
statements 
(Grid 
assets). 
In 
the 
reporting 
year, 
Fingrid 
decided 
to 
invest 
in 
building 
a 
400-kilovolt 
transmission 
line 
between 
Kristiinankaupunki 
and 
Nokia. 
The 
company 
also 
decided 
to 
invest 
in 
the 
transmission 
line 
from 
Alajärvi 
to 
Hausjärvi 
as 
part 
of 
the 
Lowlands 
Line. 
The 
most 
significant 
projects 
in 
the 
construction 
phase 
were 
the 
400 
kilovolt 
underground 
cable 
connection 
to 
Helsinki, 
the 
reinforcement 
of 
the 
Lake 
Line 
between 
Vaala 
and 
Joroinen, 
and 
the 
transmission 
line 
connections 
Huittinen–Forssa, 
Herva–Nuojuankangas 
and 
Jylkkä 
–Alajärvi. 
The 
cross 
-border 
transmission 
connection 
between 
northern 
Finland 
and 
northern 
Sweden, 
i.e. 
the 
Aurora 
Line, 
was 
commissioned 
in 
November 
2025. 
E1-2 
Policies 
related 
to 
climate 
change 
mitigation 
and 
adaptation 
Fingrid’s 
key 
policies 
for 
the 
management 
of 
impacts, 
risks 
and 
opportunities 
related 
to 
climate 
change 
mitigation 
and 
adaptation 
are 
the 
principles 
of 
ensuring 
transmission 
capacity, 
the 
principles 
for 
promoting 
the 
electricity 
market, 
the 
principles 
for 
internal 
control 
and 
risk 
management, 
the 
loss 
power 
procurement 
policy, 
the 
transmission 
capacity 
allocation 
and 
congestion 
management 
policy, 
and 
the 
grid 
planning, 
building 
and 
maintenance 
management 
policies. 
In 
addition, 
the 
land 
use 
and 
environmental 
policy 
focuses 
on 
climate 
change 
and 
land-use 
change 
as 
drivers 
of 
change 
and 
covers 
the 
lifetime 
of 
all 
of 
the 
company’s 
assets 
and 
its 
value 
chain 
in 
its 
material 
parts. 
The 
aforementioned 
principles 
are 
approved 
by 
the 
company’s 
Board 
of 
Directors, 
and 
the 
policies 
are 
approved 
by 
the 
President 
and 
CEO. 
From 
a 
climate 
change 
perspective, 
their 
content 
is 
essentially 
related 
to 
the 
company’s 
relevant 
position 
in 
climate 
change 
mitigation 
and 
enabling 
renewable 
energy 
deployment. 
 
The 
principles 
of 
ensuring 
transmission 
capacity 
cover 
the 
life-cycle 
management 
of 
the 
entire 
main 
grid. 
The 
objective 
of 
the 
principles 
is 
to 
ensure 
the 
adequacy 
of 
the 
transmission 
capacity, 
the 
efficiency 
and 
safety 
of 
operations 
and 
the 
correct 
level 
of 
quality. 
The 
principles 
for 
the 
promotion 
of 
the 
electricity 
market 
describe 
the 
legislation 
that 
forms 
the 
basis 
for 
promoting 
the 
electricity 
market, 
the 
targets 
for 
the 
activities 
and 
the 
principles 
followed 
at 
Fingrid 
when 
promoting 
the 
electricity 
market. 
The 
principles 
for 
internal 
control 
and 
risk 
management 
describe 
the 
company’s 
enterprise 
risk 
management, 
which 
covers 
proactive 
risk 
management, 
continuity 
management 
and 
the 
precautionary 
and 
contingency 
planning 
required 
from 
a 
company 
critical 
in 
terms 
of 
security 
of 
supply. 
The 
management 
of 
physical 
climate 
risks 
and 
transition 
risks 
related 
to 
climate 
change 
adaptation 
is 
part 
of 
the 
company’s 
enterprise 
risk 
management. 
The 
management 
of 
the 
reserve 
power 
plants’ 
environmental 
impacts 
is 
supported 
by 
the 
ISO 
14001 
environmental 
management 
system. 
Fingrid’s 
reserve 
power 
plants 
are 
subject 
to 
an 
environmental 
permit, 
and 
they 
are 
covered 
by 
the 
EU’s 
emissions 
trading 
scheme. 
Fingrid 
is 
a 
signatory 
of 
the 
Finnish 
Energy 
Efficiency 
Agreement 
for 
Industries. 
The 
voluntary 
energy 
efficiency 
agreements 
are 
Finland’s 
primary 
method 
for 
meeting 
the 
obligations 
laid 
down 
in 
the 
EU’s 
Energy 
Efficiency 
Directive 
for 
a 
more 
efficient 
use 
of 
energy. 
E1-3 
Actions 
and 
resources 
in 
relation 
to 
climate 
change 
policies 
The 
positive 
impact 
created 
by 
Fingrid 
through 
its 
business 
operations 
is 
difficult 
to 
measure, 
but 
this 
systemic 
climate 
benefit 
far 
outweighs 
the 
negative 
carbon 
footprint 
from 
the 
operations. 
As 
part 
of 
the 
company’s 
corporate 
responsibility 
ESG 
targets 
for 
2025–2030, 
Fingrid 
monitors 
climate 
benefits 
by 
measuring 
the 
real 
-time 
emission 
factor 
of 
the 
electricity 
consumed 
in 
Finland. 
The 
decrease 
in 
the 
factor 
reflects 
positive 
development 
towards 
achieving 
Finland’s 
climate 
goals, 
which 
Fingrid 
contributes 
to 
by 
connecting 
clean 
energy 
production 
and 
new 
consumption 
to 
the 
main 
grid. 
Fingrid 
has 
estimated 
the 
carbon 
dioxide 
emissions 
from 
Finland’s 
electricity 
system 
in 
real 
time 
since 
2019. 
The 
calculation 
formula 
in 
use 
for 
the 
emission 
factor 
is 
based 
on 
real 
-time 
production, 
import 
and 
export 
data, 
and 
emission 
factors 
for 
specific 
types 
of 
production. 
The 
average 
emission 
factor 
for 
the 
electricity 
consumed 
in 
Finland 
in 
2025 
was 
26 
(33) 
g 
CO
2
/kWh. 
The 
clean 
energy 
production 
connected 
to 
the 
main 
grid 
is 
also 
a 
way 
to 
estimate 
the 
future 
indirect 
climate 
benefits 
enabled 
by 
Fingrid’s 
operations. 
In 
2025, 
a 
total 
of 
1,106
(1,509) 
megawatts 
of 
wind 
power 
and 
403 
(91) 
megawatts 
of 
solar 
power 
was 
connected 
to 
Fingrid’s 
main 
grid, 
which 
will 
help 
to 
indirectly 
avoid 
annual 
emissions 
worth 
around 
98,459 
(150,818) 
CO
2
 
equivalent 
tonnes 
in 
the 
coming 
years. 
In 
addition, 
during 
the 
year, 
Fingrid 
concluded 
new 
agreements 
on 
connecting 
a 
total 
of 
roughly 
290 
(904) 
megawatts 
of 
wind 
power 
and 
166 
(631) 
megawatts 
of 
solar 

45 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
power 
production 
to 
the 
electricity 
network. 
Once 
realised, 
this 
will 
lead 
to 
a 
substantial 
positive 
climate 
impact, 
indirectly 
avoiding 
annual 
emissions 
worth 
around 
27,381 
(109,213) 
CO
2
 
equivalent 
tonnes. 
From 
a 
carbon 
footprint 
perspective, 
Fingrid’s 
greenhouse 
gas 
emissions 
totalled 
around 
240,903 
(251,078 
) 
CO
2
equivalent 
tonnes 
in 
2025. 
The 
calculation 
also 
includes 
the 
indirect 
emissions 
from 
procurement 
and 
supply 
chains 
(location-based 
Scope 
1, 
2 
and 
3). 
Total 
greenhouse 
gas 
emissions 
decreased 
4 
per 
cent 
compared 
to 
the 
previous 
year. 
The 
grid 
building 
required 
by 
the 
green 
transition 
increases 
the 
GHG 
emissions 
from 
the 
company’s 
operations. 
The 
emissions 
from 
construction 
are 
highly 
dependent 
on 
the 
number 
of 
investment 
projects 
during 
a 
reporting 
year. 
They 
create 
a 
‘carbon 
peak’ 
in 
the 
year 
of 
the 
project’s 
commissioning, 
even 
though 
the 
grid 
construction 
materials 
will 
last 
for 
several 
decades. 
In 
2025, 
almost 
80 
per 
cent 
of 
Fingrid’s 
GHG 
emissions 
were 
generated 
in 
the 
upstream 
value 
chain 
(Scope 
3). 
Transmission 
line 
and 
substation 
investments 
caused 
the 
majority 
of 
the 
value 
chain’s 
emissions 
and 
represented 
around 
33 
per 
cent 
of 
the 
total 
emissions 
(Scope 
1, 
2 
and 
3). 
The 
company 
currently 
has 
a 
EUR 
5.2 
billion 
investment 
plan 
under 
way 
for 
the 
next 
ten 
years. 
With 
this 
programme, 
the 
company 
contributes 
to 
enabling 
the 
connection 
of 
clean 
electricity, 
produced 
using 
wind 
or 
solar 
power 
or 
other 
renewables, 
to 
the 
electricity 
network. 
It 
is 
not 
possible 
for 
the 
company 
to 
specify 
time 
horizons, 
estimated 
results 
or 
significant 
costs 
for 
each 
measure. 
The 
company’s 
significant 
actual 
expenditures 
related 
to 
the 
implementation 
of 
the 
transition 
plan 
for 
climate 
change 
miti 
gation 
are 
described 
in 
connection 
with 
disclosure 
requirement 
E1-1. 
In 
2025, 
some 
EUR 
464 
(500) 
million 
was 
invested 
in 
the 
main 
grid. 
Roughly 
341 
(331) 
kilometres 
of 
new 
grid 
transmission 
lines 
and 
27
(25) 
new 
or 
expanded 
substations 
were 
commissioned. 
In 
reducing 
the 
upstream 
value 
chain’s 
GHG 
emissions 
(Scope 
3), 
the 
key 
measure 
was 
the 
procurement 
in 
2024 
of 
low-emission 
aluminium 
for 
the 
conductors 
needed 
for 
the 
transmission 
line 
projects. 
Fingrid 
buys 
them 
directly 
from 
the 
conductor 
manufactures. 
The 
new 
agreements 
cover 
the 
entire 
conductor 
procurement 
volume 
until 
2027. 
In 
2025, 
Fingrid 
assessed 
follow-up 
measures 
involving 
the 
testing 
of 
low-emission 
recycled 
steel 
structures 
that 
were 
procured 
for 
three 
new 
substations. 
The 
substation 
supplier 
was 
responsible 
for 
the 
procurement 
of 
the 
structures. 
In 
the 
light 
of 
experiences 
related 
to 
the 
availability 
of 
materials 
and 
cost 
and 
climate 
impacts, 
the 
wider 
use 
of 
recycled 
steel 
is 
not 
justified 
for 
the 
time 
being. 
In 
the 
future, 
Fingrid 
will 
also 
investigate 
improving 
material 
efficiency 
to 
reduce 
the 
consumption 
of 
steel 
needed 
in 
grid 
construction. 
In 
addition, 
the 
suitability 
of 
low-carbon 
concrete 
for 
transmission 
line 
foundation 
elements 
was 
piloted 
in 
the 
Herva–Nuojuankangas 
project, 
and 
a 
com 
pany-level 
roadmap 
to 
reduce 
GHG 
emissions 
from 
the 
use 
of 
concrete 
was 
outlined. 
A 
considerable 
proportion, 
18 
per 
cent, 
of 
the 
company’s 
carbon 
footprint 
consists 
of 
emissions 
(Scope 
2) 
from 
the 
production 
of 
the 
electricity 
acquired 
from 
the 
electricity 
market 
to 
replace 
power 
losses 
taking 
place 
during 
electricity 
transmission. 
The 
key 
means 
of 
reducing 
the 
carbon 
dioxide 
emissions 
caused 
by 
transmission 
losses 
is 
to 
build 
the 
main 
grid 
to 
accommodate 
new 
clean 
electricity 
production. 
This 
will 
also 
reduce 
the 
carbon 
footprint 
from 
energy 
lost 
during 
grid 
transmission. 
The 
greenhouse 
gas 
emissions 
due 
to 
transmission 
losses 
were 
42,511 
(49,605) 
CO
2 
equivalent 
tonnes 
in 
2025. 
In 
2025, 
possibilities 
to 
reduce 
power 
losses 
through 
conductor 
choices 
were 
also 
looked 
into. 
The 
measures 
carried 
out 
in 
2025 
to 
improve 
the 
energy 
efficiency 
of 
substations 
and 
reserve 
power 
plants 
saved 
6 
(43,904) 
megawatt 
hours 
of 
electricity 
or 
heat 
(Scope 
2). 
Within 
the 
Finnish 
industries’ 
energy 
efficiency 
agreement 
period 
2017–2025, 
Fingrid 
has 
saved 
a 
total 
of 
roughly 
226,545 
megawatt 
hours. 
The 
company 
achieved 
the 
12.9 
per 
cent 
savings 
target 
set 
for 
the 
ag 
reement 
period 
already 
in 
2022. 
From 
the 
perspective 
of 
reducing 
own 
direct 
emissions, 
the 
switch 
-over 
to 
renewable 
fuel 
oil 
was 
looked 
into 
at 
reserve 
power 
plants. 
In 
2025, 
a 
study 
looking 
into 
the 
need 
for 
technical 
changes 
to 
reserve 
power 
plants 
was 
initiated, 
and 
a 
test 
site 
was 
planned 
for 
2026. 
At 
substations, 
Fingrid 
continued 
work 
to 
reduce 
the 
growth 
of 
SF6 
gas 
volumes 
by 
focusing 
on 
SF6 
-free 
gas-insulated 
switchgears. 
SF6 
-free 
technology 
is 
used 
in 
the 
new 
110 
-kilovolt 
circuit 
breakers 
and 
gas-insulated 
projects 
always 
when 
technically 
possible 
using 
commercially 
available 
products. 
In 
connection 
with 
the 
roadmap 
update 
in 
2025, 
the 
search 
for 
test 
sites 
for 
SF6-free 
equipment 
at 
higher 
voltage 
levels 
progressed, 
and 
a 
request 
for 
400 
kilovolt 
SF6-free 
circuit 
breakers 
was 
an 
option 
in 
a 
substation 
project. 
At 
the 
end 
of 
2025, 
Fingrid 
had 
roughly 
70 
(60) 
tonnes 
of 
SF6 
gas 
at 
its 
substations. 
Fingrid’s 
SF6 
gas 
emissions 
for 
2025 
totalled 
863 
(1,796) 
carbon 
dioxide 
equivalent 
tonnes. 
That 
corresponds 
to 
a 
gas 
volume 
of 
approximately 
34 
(71) 
kilograms 
and 
a 
leakage 
rate 
of 
0.05 
(0.12) 
per 
cent. 
The 
long-term 
annual 
leakage 
rate 
has 
been 
very 
low, 
less 
than 
0.2 
per 
cent 
on 
average, 
which 
is 
among 
the 
top 
results 
in 
the 
international 
comparison 
of 
TSOs. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
46 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Achieved 
greenhouse 
gas 
(GHG) 
emission 
reductions 
2025 
2024 
Achieved 
greenhouse 
gas 
emission 
reductions 
(scope 
1–3) 
141,055 
N/A 
 
Indirect 
climate 
benefit 
(renewable 
connected 
to 
main 
grid, 
tCO2eq./year) 
98,459 
150,818 
Expected 
greenhouse 
gas 
emission 
reductions 
-16,892 
N/A 
 
Indirect 
climate 
benefit 
(signed 
connection 
agreements, 
tCO2eq./year) 
27,381 
109,213 
N/A 
= 
The 
information 
cannot 
be 
reported 
yet. 
E1-4 
Targets 
related 
to 
climate 
change 
mitigation 
and 
adaptation 
Fingrid 
has 
set 
science-based 
GHG 
emission 
reduction 
targets 
that 
are 
compatible 
with 
limiting 
global 
warming 
to 
1.5°C. 
In 
2025, 
the 
company’s 
GHG 
emission 
reduction 
targets 
were 
approved 
under 
the 
Science 
Based 
Targets 
initiative 
(SBTi). 
Through 
its 
short-term 
science-based 
targets, 
the 
company 
commits 
to 
reducing, 
by 
2030, 
its 
absolute 
direct 
GHG 
emissions 
(Scope 
1) 
by 
42 
per 
cent 
from 
the 
level 
of 
the 
base 
year 
2022. 
The 
reduction 
target 
for 
indirect 
Scope 
2 
GHG 
emissions 
is 
53 
per 
cent 
(location 
-based). 
Fingrid 
is 
committed 
to 
reducing 
its 
other 
indirect 
Scope 
3 
emissions 
by 
25 
per 
cent 
by 
2030 
from 
the 
2022 
level. 
The 
targets 
have 
been 
set 
in 
compliance 
with 
a 
cross 
-sector 
emission 
reduction 
path. 
The 
targets 
for 
Scope 
1 
and 
2 
emissions 
are 
in 
line 
with 
the 
1.5 
degree 
emission 
reduction 
scenario. 
For 
Scope 
3, 
the 
target 
level 
is 
in 
line 
with 
the 
scenario 
of 
limiting 
global 
warming 
to 
below 
2 
degrees. 
The 
targets 
are 
in 
gross 
amounts 
and 
do 
not 
include 
GHG 
removals, 
carbon 
credits 
or 
avoided 
emissions. 
As 
part 
of 
its 
corporate 
responsibility 
ESG 
targets 
for 
2025–2030, 
Fingrid 
monitors, 
in 
addition 
to 
the 
aforementioned 
carbon 
footprint 
targets, 
climate 
benefits 
by 
measuring 
the 
real-time 
emission 
factor 
of 
the 
electricity 
consumed 
in 
Finland 
as 
described 
in 
connection 
with 
disclosure 
requirement 
E1-3 
(Actions 
and 
resources 
in 
relation 
to 
climate 
change 
policies). 
Fingrid’s 
ESG 
metrics 
set 
for 
material 
sustainability 
matters 
are 
defined 
by 
the 
company’s 
management 
and 
are 
voluntary. 
They 
help 
track 
targets 
whose 
topics 
are 
based 
on 
the 
company’s 
materiality 
assessment. 
The 
materiality 
assessment 
took 
into 
consideration 
the 
expectations 
of 
stakeholders. 
Not 
all 
of 
the 
information 
on 
the 
targets 
and 
their 
metrics 
that 
is 
required 
under 
the 
standards’ 
minimum 
disclosure 
requirements 
is 
available 
for 
disclosure. 
The 
environmental 
targets 
are 
not 
required 
by 
legislation 
and 
are 
not 
based 
on 
scientific 
evidence, 
with 
the 
exception 
of 
the 
GHG 
reduction 
targets. 
Stakeholders 
have 
not 
been 
directly 
engaged 
in 
setting 
the 
targets. 
The 
metrics 
and 
their 
targets 
and 
outcomes 
in 
the 
reporting 
year 
are 
presented 
in 
the 
next 
table. 
In 
2025, 
the 
company’s 
greenhouse 
gas 
emissions 
decreased, 
and 
the 
emission 
factor 
of 
electricity 
consumed 
in 
Finland 
declined, 
reflecting 
positive 
development. 
The 
volume 
of 
Scope 
2 
greenhouse 
gas 
emissions 
is 
significantly 
influenced, 
in 
addition 
to 
the 
emission 
factor, 
by 
transmission 
losses, 
which 
are 
expected 
to 
increase 
substantially 
in 
the 
future 
as 
society 
becomes 
more 
electrified. 
Regarding 
Scope 
3, 
the 
most 
significant 
driver 
is 
the 
company’s 
investment 
volume, 
which 
is 
increasing 
due 
to 
the 
green 
transition 
and 
also 
varies 
from 
year 
to 
year. 
Base 
year 
2022 
Outturn 
2025 
Outturn 
2025 
Target 
2030 
Greenhouse 
gas 
emissions: 
SBTi 
emission 
reduction 
targets 
tCO2-ekv. 
tCO2-ekv. 
Change-% 
2022 
vs 
2025 
Change-% 
2022 
vs 
2030 
Scope 
1 
6,801 
5,742 
-16% 
-42% 
Scope 
2 
98,277 
43,636 
-56% 
-53% 
Scope 
3 
276,880 
191,525 
-31% 
-25% 
gCO2/kWh 
gCO2/kWh 
Climate 
Benefit: 
real-time 
emission 
factor 
of 
electricity 
consumed 
in 
Finland 
gCO2/kWh 
26 
≤17 
E1-5 
Energy 
consumption 
and 
mix

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
47 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
The 
direct 
energy 
consumption 
of 
Fingrid’s 
operations 
is 
caused 
by 
the 
fuel 
needed 
at 
the 
reserve 
power 
plants. 
The 
majority 
of 
indirect 
energy 
consumption 
is 
caused 
by 
the 
power 
loss 
during 
electricity 
transmission. 
Other 
indirect 
energy 
consumption 
results 
from 
the 
use 
of 
electricity 
and 
district 
heating 
at 
the 
business 
premises, 
substations 
and 
reserve 
power 
plants. 
The 
reserve 
power 
plants 
owned 
by 
the 
company 
are 
not 
used 
for 
commercial 
electricity 
production. 
The 
plants 
are 
only 
used 
in 
severe 
disturbances 
of 
the 
power 
system 
and 
in 
trials 
to 
ensure 
their 
reliable 
operation
. 
Energy 
consumption 
and 
mix 
2025 
2024 
(1) 
Fuel 
consumption 
from 
coal 
and 
coal 
products 
(MWh) 
0 
0 
(2) 
Fuel 
consumption 
from 
crude 
oil 
and 
petroleum 
products 
(MWh) 
19,936 
20,666 
(3) 
Fuel 
consumption 
from 
natural 
gas 
(MWh) 
0 
0 
(4) 
Fuel 
consumption 
from 
other 
fossil 
sources 
(MWh) 
0 
0 
(5) 
Consumption 
of 
purchased 
or 
acquired 
electricity, 
heat, 
steam, 
or 
cooling 
from 
fossil 
sources 
(MWh) 
986,547 
1,285,308 
(6) 
Total 
energy 
consumption 
from 
fossil 
sources 
(MWh) 
1,006,483 
1,305,974 
Share 
of 
fossil 
sources 
in 
total 
consumption 
(%) 
57 
81 
(7) 
Total 
energy 
consumption 
from 
nuclear 
sources 
(MWh) 
539,101 
223,704 
Share 
of 
nuclear 
energy 
in 
overall 
energy 
consumption 
(%) 
30 
14 
(8) 
Fuel 
consumption 
for 
renewable 
sources 
including 
biomass 
[also 
comprising 
industrial 
and 
municipal 
waste 
of 
biologic 
origin], 
biofuels, 
biogas, 
hydrogen 
from 
renewable 
sources, 
etc. 
(MWh) 
0 
0 
(9) 
Consumption 
of 
purchased 
or 
acquired 
electricity, 
heat, 
steam, 
and 
cooling 
from 
renewable 
sources 
(MWh) 
223,770 
85,702 
(10) 
Consumption 
of 
self-generated 
non-fuel 
renewable 
energy 
(MWh) 
0 
0 
(11) 
Total 
energy 
consumption 
from 
renewable 
sources 
(MWh) 
223,770 
85,702 
Share 
of 
renewable 
energy 
in 
overall 
energy 
consumption 
(%) 
13 
5 
Total 
consumption 
of 
energy 
(MWh) 
1,769,355 
1,615,380 
In 
defining 
the 
energy 
mix, 
the 
market-based 
method 
was 
used 
for 
purchased 
electricity. 
Self-generated 
energy 
(MWh) 
2025 
2024 
Energy 
generated 
from 
non-renewable 
sources 
4,727 
5,317 
Own 
reserve 
power 
plants 
4,727 
5,317 
Energy 
generated 
from 
renewable 
sources 
0 
0 
Own 
reserve 
power 
plants 
0 
0 
Energy 
intensity 
2025 
2024 
Energy 
intensity 
(MWh/EUR) 
0.00158 
0.00127 
Net 
revenue 
from 
activities 
in 
high 
climate 
impact 
sectors 
(including 
NACE 
D 
35.1 
Electric 
power 
generation, 
transmission 
and 
distribution) 
(EUR) 
1,118,475,596 
1,269,277,216 
The 
energy 
intensity 
calculation 
is 
based 
on 
total 
turnover 
in 
accordance 
with 
figures 
reported 
by 
Fingrid 
Group. 
Fingrid 
Group’s 
turnover 
and 
accounting 
principles 
for 
turnover 
are 
presented 
in 
the 
section 
4.1.3 
of 
the 
financial 
statements. 
E1-6 
Gross 
Scopes 
1, 
2, 
3 
and 
Total 
GHG 
Retrospective 
Milestones 
and 
target 
years 
Base 
year 
(2022) 
Comparable 
(2024) 
2025 
Change-
% 
2030 
Annual 
target 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
48 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Scope 
1 
GHG 
emissions 
The 
gross 
Scope 
1 
GHG 
emissions 
in 
metric 
tonnes 
of 
CO2eq 
6,801 
6,955 
5,742 
-17 
3,945 
N/A 
The 
percentage 
of 
Scope 
1 
GHG 
emissions 
from 
regulated 
emissions 
trading 
schemes 
(%) 
88% 
74% 
85% 
15 
Scope 
2 
GHG 
emissions 
(tCO2eq) 
The 
gross 
location-based 
Scope 
2 
GHG 
emissions 
in 
metric 
tonnes 
of 
CO2eq 
98,277 
50,982 
43,636 
-14 
46,190 
N/A 
The 
gross 
market-based 
Scope 
2 
GHG 
emissions 
in 
metric 
tonnes 
of 
CO2eq 
383,484 
884,309 
683,506 
-23 
N/A 
N/A 
Significant 
Scope 
3 
GHG 
emissions 
(tCO2eq) 
Total 
gross 
indirect 
(Scope 
3) 
GHG 
emissions 
276,880 
193,141 
191,525 
-1 
207,660 
N/A 
1 
Purchased 
goods 
and 
services 
19,813 
30,242 
34,069 
13 
2 
Capital 
goods 
181,240 
94,291 
81,743 
-13 
3 
Fuel 
and 
energy 
related 
activities 
(not 
included 
in 
Scope 
1 
or 
2 
emissions) 
62,532 
61,373 
66,953 
9 
4 
Upstream 
transport 
and 
distribution 
9,157 
4,909 
6,332 
29 
5 
Operational 
waste 
2,076 
493 
550 
12 
6 
Business 
travel 
618 
898 
833 
-7 
7 
Commuting 
of 
employees 
427 
408 
464 
14 
8 
Upstream 
leased 
assets 
1,017 
528 
583 
10 
9 
Downstream 
transport* 
10 
Processing 
of 
products 
sold* 
11 
Use 
of 
products 
sold* 
12 
End-of-life 
processing 
of 
sold 
products* 
13 
Downstream 
leased 
assets* 
14 
Franchising* 
15 
Investments* 
Total 
GHG 
emissions 
(tCO2eq) 
Total 
location-based 
GHG 
emissions 
381,958 
251,078 
240,903 
-4 
Total 
market-based 
GHG 
emissions 
667,165 
1,084,406 
880,773 
-23 
N/A 
= 
The 
information 
cannot 
be 
reported 
yet. 
GHG 
intensity 
based 
on 
net 
revenue 
(tCO2eq/EUR) 
2025 
2024 
Total 
(location-based) 
GHG 
emissions 
based 
on 
net 
revenue 
0.00022 
0.00020 
Total 
(market-based) 
GHG 
emissions 
based 
on 
net 
revenue 
0.00079 
0.00085 
The 
GHG 
intensity 
calculation 
is 
based 
on 
total 
turnover 
in 
accordance 
with 
figures 
reported 
by 
Fingrid 
Group. 
Fingrid 
Group’s 
accounting 
principles 
for 
turnover 
can 
be 
found 
in 
the 
section 
4.1.3 
of 
the 
financial 
statements. 
Biogenic 
GHG 
emissions 
(tCO2eq) 
2025 
2024 
Biogenic 
GHG 
emissions, 
Scope 
1 
0 
0 
Biogenic 
GHG 
emissions, 
Scope 
2 
115,304 
81,743 
Biogenic 
GHG 
emissions, 
Scope 
3 
N/A 
N/A 
N/A 
= 
The 
information 
cannot 
be 
reported 
yet. 
The 
Scope 
2 
biogenic 
emissions 
are 
calculated 
using 
the 
location-based 
method. 
Share 
of 
Scope 
3 
emissions 
based 
on 
primary 
data 
(%) 
2025 
2024 
1. 
Purchased 
goods 
and 
services 
0 
0 
2. 
Capital 
goods 
97 
96 
3. 
Fuel 
and 
energy 
related 
activities 
(not 
included 
in 
Scope 
1 
or 
2 
emissions) 
100 
100 
4. 
Upstream 
transport 
and 
distribution 
100 
100 
5. 
Operational 
waste 
100 
100 
6. 
Business 
travel 
100 
100 
7. 
Commuting 
of 
employees 
0 
0 

 
 
 
 
 
 
49 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
8. 
Upstream 
leased 
assets 
100 
100 
E1-7 
GHG 
removals 
and 
GHG 
mitigation 
projects 
financed 
through 
carbon 
credits 
Fingrid 
does 
not 
have 
any 
measures 
related 
to 
GHG 
removals 
and 
storage. 
E1-8 
Internal 
carbon 
pricing 
Fingrid 
does 
not 
apply 
internal 
carbon 
pricing 
systems. 
E1-9 
Anticipated 
financial 
effects 
from 
material 
physical 
and 
transition 
risks 
and 
potential 
climate 
-related 
opportunities 
The 
disclosure 
requirement 
is 
omitted 
based 
on 
the 
transitional 
provision. 
Preparation 
and 
calculation 
principles 
E1 
energy 
consumption, 
GHG 
emissions 
and 
emission 
reductions 
Energy 
consumption
 
reporting 
includes 
the 
transmission 
losses 
of 
purchased 
electricity, 
the 
auxiliary 
energy 
of 
substations 
and 
reserve 
power 
plants, 
and 
the 
electricity 
consumption 
at 
Fingrid’s 
own 
premises. 
Purchased 
heat 
comprises 
the 
district 
heating 
of 
Fingrid’s 
own 
premises. 
Energy 
consumption 
is 
expressed 
as 
energy 
end 
use. 
To 
describe 
the 
energy 
mix
, 
purchased 
energy 
is 
divided 
into 
fossil 
energy, 
energy 
generated 
using 
nuclear 
power 
and 
energy 
generated 
with 
renewables 
in 
accordance 
with 
the 
national 
residual 
mix 
for 
electricity 
published 
by 
the 
Energy 
Authority 
for 
2024. 
Own 
energy 
production 
includes 
the 
electricity 
produced 
at 
the 
company’s 
own 
reserve 
power 
plants 
during 
severe 
grid 
disturbances.
 
Energy 
intensity
 
calculation 
includes 
the 
company’s 
turnover 
in 
its 
entirety. 
Gross 
Scopes 
1, 
2, 
3 
and 
total 
GHG 
emissions
 
are 
calculated 
according 
to 
the 
GHG 
Protocol 
(GHG 
Protocol 
Corporate 
Accounting 
and 
Reporting 
Standard 
and 
Corporate 
Value 
Chain 
[Scope 
3] 
Accounting 
and 
Reporting 
Standard). 
The 
calculation 
includes 
all 
greenhouse 
gases 
covered 
by 
the 
GHG 
Protocol 
(CO2, 
CH4, 
N2O, 
HFCs, 
PFCs, 
SF6, 
and 
NF3) 
to 
the 
extent 
that 
the 
information 
is 
available. 
The 
reporting 
covers 
direct 
GHG 
emissions 
from 
Fingrid’s 
own 
operations 
(Scope 
1), 
indirect 
GHG 
emissions 
(Scope 
2) 
from 
the 
production 
of 
purchased 
energy 
and 
indirect 
GHG 
emissions 
from 
other 
parts 
of 
the 
value 
chain 
(Scope 
3), 
including 
the 
material 
emission 
sources 
in 
the 
upstream 
value 
chain. 
The 
Scope 
1 
emissions 
consist 
of 
fuels 
used 
by 
the 
reserve 
power 
plants, 
the 
SF6 
leakages 
at 
the 
substations, 
vehicles 
owned 
by 
Fingrid, 
and 
leased 
company 
cars 
for 
unrestricted 
personal 
use. 
The 
quantitative 
data 
is 
collected 
from 
Fingrid’s 
asset 
management 
system 
and 
for 
cars, 
information 
from 
the 
leasing 
company. 
The 
emission 
calculation 
is 
based 
on 
the 
EU 
Emissions 
Trading 
System’s 
information, 
the 
fuel 
emission 
factors 
based 
on 
national 
statistics 
and 
the 
GWP 
factors 
published 
by 
the 
IPCC. 
Scope 
2 
emissions 
are 
calculated 
using 
both 
the 
location 
-based 
and 
the 
market 
-based 
method. 
For 
electricity, 
the 
location-based 
method
 
uses 
the 
real 
-time 
emission 
factor 
for 
electricity 
consumed 
calculated 
by 
Fingrid. 
In 
2023, 
Fingrid 
discarded 
the 
arithmetic 
mean 
and 
instead 
adopted 
a 
volume 
-weighted 
annual 
average 
in 
its 
annual 
reporting. 
This 
more 
accurately 
reflects 
the 
average 
emissions 
level 
because 
the 
electricity 
production 
with 
a 
higher 
emission 
intensity 
takes 
place 
during 
periods 
with 
higher 
electricity 
consumption. 
The 
calculation 
of 
the 
emissions 
from 
loss 
power 
uses 
a 
more 
precise 
method, 
in 
which 
the 
amount 
of 
losses 
and 
the 
level 
of 
the 
emission 
factor 
are 
determined 
hourly. 
The 
emission 
factor 
used 
for 
district 
heating 
is 
the 
average 
published 
by 
Statistics 
Finland 
for 
the 
last 
three 
statistical 
years. 
The 
market 
-based 
method
 
for 
purchased 
electricity 
uses 
the 
national 
emission 
factor 
for 
the 
residual 
mix 
electricity 
for 
2024 
published 
by 
the 
Energy 
Authority. 
Biogenic 
carbon 
dioxide 
emissions
 
(Scope 
2) 
are 
generated 
by 
the 
wood 
fuels 
and 
other 
renewable 
fuels 
used 
in 
energy 
production, 
including 
the 
bio-waste 
in 
municipal 
waste. 
Fingrid 
has 
determined 
an 
average 
biogenic 
carbon 
dioxide 
emission 
factor 
for 
electricity 
produced 
in 
Finland 
and 
uses 
this 
for 
the 
reporting 
of 
the 
biogenic 
carbon 
dioxide 

50 
FINGRID 
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3 
March 
2026 
emissions 
of 
its 
purchased 
electricity. 
The 
fuel 
classification 
and 
energy 
statistics 
published 
by 
Statistics 
Finland 
have 
been 
used 
for 
determining 
the 
factor. 
In 
2023, 
Fingrid 
implemented 
a 
GHG 
calculation 
development 
project, 
in 
which 
all 
15 
Scope 
3 
categories 
were 
reviewed 
and 
eight 
categories 
were 
identified 
to 
be 
material 
for 
Fingrid. 
The 
categories 
included 
in 
the 
calculation 
are 
listed 
in 
connection 
with 
disclosure 
requirement 
E1-6. 
The 
omitted 
categories 
were 
identified 
as 
non-material 
based 
on 
either 
the 
absence 
of 
the 
activity 
in 
question 
or 
the 
low 
level 
of 
emissions. 
Scope 
3 
emissions 
are 
calculated 
in 
CO
2
equivalent 
tonnes. 
The 
operational 
data 
used 
in 
the 
calculation 
is 
mainly 
obtained 
from 
Fingrid’s 
internal 
systems. 
For 
transmission 
lines, 
the 
calculation 
includes 
the 
projects 
developed 
by 
Fingrid, 
but 
not 
purchased 
transmission 
lines, 
which 
account 
for 
a 
minor 
proportion 
of 
the 
total. 
Key 
source 
systems 
include 
the 
asset 
management 
information 
system, 
the 
type 
drawings 
of 
the 
transmission 
line 
structures, 
the 
energy 
market 
management 
system 
(auxiliary 
energy), 
HR 
systems 
and 
financial 
systems 
(monetary 
amounts 
of 
purchased 
products 
and 
services, 
project 
finance 
reporting). 
Other 
sources 
used 
include 
the 
emission 
data 
provided 
by 
leased 
reserve 
power 
plants 
and 
the 
travel 
agency, 
as 
well 
as 
the 
emission 
reporting 
of 
the 
waste 
management 
service 
provider. 
The 
emission 
factors 
used 
in 
the 
calculation 
are 
mainly 
from 
national 
and 
global 
databases, 
such 
as 
ecoinvent 
3.8, 
EXIOBASE 
3.8.2, 
DEFRA’s 
GHG 
conversion 
factors 
(full 
set 
2022), 
Statistics 
Finland 
and 
the 
national 
Emissions 
database 
for 
construction. 
In 
addition, 
Environmental 
Product 
Declaration 
data 
provided 
by 
equipment 
suppliers 
has 
been 
used 
for 
substation 
equipment 
and 
generalised 
to 
cover 
other 
equipment 
in 
the 
same 
equipment 
group. 
With 
regard 
to 
transmission 
line 
conductors, 
supplier 
-specific 
EPD 
or 
carbon 
footprint 
data 
was 
used. 
GHG 
intensity
 
calculation 
includes 
the 
company’s 
turnover 
in 
its 
entirety, 
and 
the 
intensity 
is 
determined 
for 
both 
location-based 
and 
market-based 
emissions. 
Calculation 
of 
Scope 
1 
and 
2 
emissions 
in 
their 
entirety 
is 
based 
on 
primary 
data. 
For 
Scope 
3 
emissions, 
the 
emission 
sources 
that 
have 
been 
calculated 
using 
physical 
operational 
data 
collected 
from 
Fingrid’s 
systems 
and 
not, 
for 
example, 
a 
cost 
-based 
method, 
have 
been 
defined 
as 
being 
based 
on 
primary 
data. 
The 
most 
significant 
Scope 
3 
emission 
sources 
are 
based 
on 
primary 
data. 
The 
achieved 
reductions 
in 
GHG 
emissions 
in 
Scopes 
1–3
 
are 
calculated 
as 
the 
difference 
between 
the 
emissions 
in 
the 
base 
year 
2022 
and 
the 
reporting 
year. 
The 
expected 
reductions 
in 
GHG 
emissions 
in 
Scopes 
1–3
 
are 
calculated 
as 
the 
difference 
between 
the 
targeted 
emissions 
for 
the 
target 
year 
2030 
and 
the 
emissions 
in 
the 
reporting 
year. 
Fingrid 
also 
reports 
the 
indirect 
climate 
benefit 
created 
when 
clean 
wind 
and 
solar 
power 
production 
is 
connected 
to 
the 
main 
grid. 
The 
achieved 
indirect 
climate 
benefit
 
is 
based 
on 
wind 
and 
solar 
power 
production 
connected 
to 
the 
main 
grid 
when 
production 
has 
started 
in 
2025. 
The 
electricity 
production 
is 
calculated 
based 
on 
the 
plants’ 
capacity 
and 
peak 
consumption 
hours, 
and 
this 
emission-free 
amount 
is 
assumed 
to 
replace 
the 
average 
electricity 
consumed 
in 
Finland. 
It 
should 
be 
noted 
that 
this 
indirect 
positive 
annual 
impact 
will 
be 
repeated, 
after 
a 
single 
reporting 
year, 
also 
in 
the 
coming 
years. 
Anticipated 
indirect 
climate 
benefit
 
refers 
to 
wind 
and 
solar 
energy 
production 
for 
which 
an 
agreement 
on 
connection 
to 
the 
main 
grid 
was 
made 
in 
2025. 
Annual 
electricity 
production 
at 
the 
plants 
in 
question 
is 
estimated 
based 
on 
information 
publicly 
disclosed 
by 
the 
project 
developers. 
The 
calculation 
of 
the 
indirect 
climate 
benefit 
is 
based 
on 
the 
assumption 
of 
replacing 
the 
average 
electricity 
consumed 
in 
Finland, 
similarly 
to 
the 
actual 
climate 
benefit. 
ESRS 
E4 
– 
Biodiversity 
and 
ecosystems 
Material 
biodiversity 
and 
ecosystem-related 
impacts, 
risks 
and 
opportunities 
The 
negative 
impacts 
caused 
by 
Fingrid’s 
business 
on 
biodiversity 
and 
ecosystems 
are 
related 
to 
the 
loss 
of 
biodiversity 
as 
a 
result 
of 
grid 
building 
and 
maintenance. 
A 
key 
aspect 
from 
a 
biodiversity 
perspective 
is 
the 
transmission 
line 
areas 
of 
the 
nation 
wide 
main 
grid 
and 
the 
land-use 
change 
and 
deforestation 
occurring 
in 
them. 
The 
transmission 
line 
areas 
are 
not 
owned 
by 
Fingrid. 
Fingrid 
does 
not 
use 
the 
wood 
removed 
to 
implement 
the 
system 
responsibility 
for 
electricity 
transmission 
and 
to 
secure 
safe 
electricity 
transmission; 
instead, 
the 
transmission 
line 
area 
landowners 
decide 
on 
its 
use. 
In 
expropriation, 
Fingrid 
obtains 
a 
restricted 
right 
-of-use, 
which 
is 
needed 
for 
building 
and 
maintaining 
the 
transmission 
line. 
The 
landowner 
retains 
all 
other 
rights 
to 
use 
the 
property. 
The 
expropriation 
permit 
procedure 
provides 
for 
the 
necessary 
provisions 
to 
mitigate 
significant 
adverse 
environmental 
impacts. 
Some 
of 
the 
main 
grid 
transmission 
lines 
are 
located 
in 
biodiversity 
-sensitive 
areas 
as 
reported 
under 
the 
disclosure 
requirement 
E4-5 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
51 
FINGRID 
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www.fingrid.fi 
3 
March 
2026 
(Impact 
metrics 
related 
to 
biodiversity 
and 
ecosystems 
change). 
Grid 
building 
may 
also 
affect 
threatened 
species, 
and 
these 
negative 
impacts 
and 
the 
opportunities 
to 
mitigate 
them 
are 
considered 
when 
assessing 
the 
environmental 
impacts 
of 
projects. 
The 
impacts 
are 
most 
typically 
related 
to 
securing 
the 
protection 
of 
flying 
squirrels 
when 
building 
transmission 
lines 
in 
cases 
where 
it 
is 
warranted, 
in 
route 
planning 
for 
new 
transmission 
lines, 
to 
rely 
on 
the 
widening 
of 
the 
existing 
transmission 
line 
areas 
to 
mitigate 
the 
total 
impacts 
on 
people 
and 
the 
environment. 
In 
addition 
to 
what 
is 
described 
above, 
the 
company 
has 
not 
identified 
any 
material 
negative 
impacts 
with 
regards 
to 
land 
degradation, 
desertification 
or 
soil 
sealing. 
ESRS 
standard
Material 
topics
Impact
Financial 
impact
Identified 
impacts
Risks 
and 
opportunities
Fingrid’s 
policies 
for 
impacts, 
risks 
and 
opportunities 
management 
E4 
Biodiversit
y 
and 
ecosyste
ms 
↓Direct 
impact 
drivers 
of 
biodiversity 
loss 
• 
Climate 
change 
• 
Land 
-use 
change 
• 
↓Environmental 
impacts 
of 
transmission 
line 
and 
substation 
construction 
and 
removal 
of 
trees 
and 
clearings 
in 
the 
transmission 
line 
areas 
Land 
use 
and 
environmental 
policy 
↑ 
Positive 
impact 
/↓ 
Negative 
impact 
E4-1 
Transition 
plan 
and 
consideration 
of 
biodiversity 
and 
ecosystems 
in 
strategy 
and 
business 
model 
The 
material 
impacts 
of 
Fingrid’s 
business 
on 
nature 
are 
linked 
to 
the 
company’s 
statutory 
responsibility 
for 
the 
power 
system’s 
reliability 
and 
the 
development 
of 
the 
main 
grid. 
In 
addition 
to 
maintaining 
the 
current 
grid 
infrastructure, 
the 
operations 
involve 
building 
new 
transmission 
lines 
and 
substations, 
which 
leads 
to 
land-use 
change 
and 
negative 
impacts 
on 
biodiversity. 
This 
challenges 
the 
compatibility 
of 
the 
company’s 
business 
and 
strategy 
with 
the 
national 
and 
global 
targets 
related 
to 
biodiversity 
and 
ecosystems. 
The 
business’s 
resilience 
in 
relation 
to 
biodiversity 
has 
been 
analysed 
considering 
own 
operations 
and 
the 
material 
parts 
of 
the 
value 
chain, 
but 
no 
actual 
scenario 
or 
resilience 
analysis 
has 
been 
performed. 
Since 
grid 
building 
and 
maintenance 
have 
a 
negative 
impact 
on 
biodiversity, 
transition 
risks 
may 
arise 
from 
increasing 
or 
tightening 
biodiversity 
regulations 
and 
potentially 
also 
from 
the 
accumulation 
of 
these 
impacts, 
transforming 
them 
into 
systemic 
risks. 
The 
ongoing 
green 
transition 
underscores 
the 
overall 
understanding 
of 
not 
only 
the 
links 
between 
nature 
conservation 
and 
climate 
change 
mitigation, 
but 
also 
their 
social 
consequences 
and 
a 
just 
transition. 
Engagement 
of 
landowners, 
close 
neighbours 
of 
transmission 
lines 
and 
other 
stakeholders, 
including 
Indigenous 
peoples 
if 
required, 
takes 
place 
continuously, 
especially 
in 
the 
environmental 
impact 
assessments 
of 
transmission 
line 
projects, 
which 
the 
company 
regularly 
has 
underway. 
Fingrid 
continuously 
works 
to 
align 
its 
strategy 
and 
business 
model 
with 
the 
national 
and 
global 
targets 
related 
to 
biodiversity 
and 
ecosystems. 
While 
regulations 
to 
protect 
biodiversity 
increase, 
Fingrid 
must 
be 
able 
to 
fulfil 
its 
statutory 
tasks 
also 
in 
the 
future. 
Securing 
the 
conditions 
for 
grid 
building 
and 
maintenance 
is 
necessary 
for 
both 
the 
functioning 
of 
society 
and 
climate 
change 
mitigation. 
The 
company’s 
land 
use 
and 
environmental 
policy, 
which 
is 
described 
in 
disclosure 
requirement 
E4-2 
(Policies 
related 
to 
biodiversity 
and 
ecosystems) 
and 
which 
was 
updated 
in 
2024 
to 
reflect 
the 
requirements 
of 
sustainability 
reporting 
and 
ESRS 
standards, 
among 
other 
things, 
serves 
as 
a 
transition 
plan 
related 
to 
biodiversity. 
From 
the 
perspective 
of 
the 
nature-related 
impacts 
of 
grid 
building, 
the 
key 
is 
to 
minimise 
land-use 
change, 
which 
relates 
to 
the 
company’s 
new 
land-use 
change 
target 
set 
for 
2025–2030. 
The 
starting 
point 
of 
the 
action 
plan 
that 
concretises 
the 
land-use 
target 
is 
to 
make 
the 
most 
efficient 
use 
of 
the 
current 
main 
grid. 
Grid 
investments 
are 
always 
only 
implemented 
to 
meet 
the 
needs 
of 
society 
and 
clients. 
The 
need 
to 
build 
new 
transmission 
lines 
is 
reduced 
by 
means 
of 
various 
technical 
solutions, 
such 
as 
determining 
the 
actual 
transmission 
capacity 
while 
taking 
environmental 
conditions 
into 
account, 
or 
using 
grid 
stabilising 
equipment 
and 
reactive 
power 
compensation. 
In 
terms 
of 
utilisation 
of 
the 
main 
grid, 
the 
company 
is 
working 
to 
enable 
its 
full 
utilisation 
and 
to 
prepare 
for 
the 
future 
use 
of 
the 
grid. 
Measures 
promoting 

52 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
the 
adequacy 
of 
the 
main 
grid 
also 
include 
incentives 
for 
using 
the 
main 
grid 
more 
efficiently 
and 
guidance 
on 
the 
geographical 
location 
of 
the 
assets 
connecting 
to 
the 
grid. 
In 
addition, 
the 
need 
to 
build 
transmission 
lines 
will 
be 
reduced 
through 
measures 
related 
to 
flexible 
electricity 
production 
and 
consumption. 
In 
the 
route 
planning 
of 
new 
transmission 
line 
investments, 
increasing 
the 
use 
of 
a 
free-standing 
type 
of 
tower 
suitable 
for 
two 
400 
kilovolt 
transmission 
lines 
to 
narrow 
the 
transmission 
line 
area 
is 
being 
considered 
as 
a 
measure 
to 
minimize 
land 
use 
chan 
ge. 
The 
nature-related 
impacts 
of 
investments 
and 
maintenance 
are 
avoided 
and 
mitigated 
as 
a 
whole 
in 
many 
ways 
in 
accordance 
with 
the 
mitigation 
hierarchy, 
as 
described 
in 
the 
land 
use 
and 
environmental 
policy. 
Fingrid 
tracks 
the 
development 
of 
the 
offset 
practices 
for 
ecological 
compensation 
and 
impairment 
of 
nature-
related 
values 
and 
assesses 
the 
need 
for 
them 
and 
their 
suitability 
for 
its 
business. 
E4-2 
Policies 
related 
to 
biodiversity 
and 
ecosystems 
A 
key 
principle 
in 
relation 
to 
impacts 
on 
biodiversity 
and 
ecosystems 
is 
Fingrid’s 
land 
use 
and 
environmental 
policy, 
in 
accordance 
with 
which 
the 
company 
reduces 
its 
negative 
impacts 
on 
the 
climate 
and 
the 
environment 
in 
the 
ongoing 
green 
transition. 
This 
policy, 
approved 
by 
the 
President 
& 
CEO, 
focuses 
on 
climate 
change 
and 
land-use 
change 
as 
drivers 
and 
covers 
the 
lifetime 
of 
all 
of 
the 
company’s 
assets. 
In 
addition 
to 
the 
protection 
of 
biodiversity 
and 
ecosystems, 
the 
policy 
covers 
the 
principles 
for 
sustainable 
land 
use 
and 
for 
addressing 
deforestation. 
The 
policy 
enshrines 
the 
environmental 
precautionary 
principle, 
which 
is 
included 
in 
Fingrid’s 
Code 
of 
Conduct 
and 
the 
UN’s 
Global 
Compact 
initiative, 
which 
the 
company 
has 
committed 
to. 
In 
accordance 
with 
the 
land 
use 
and 
environmental 
policy, 
the 
mitigation 
of 
environmental 
impacts 
begins 
from 
the 
preliminary 
planning 
of 
transmission 
line 
routes, 
when 
solutions 
are 
sought 
to 
avoid 
the 
immediate 
vicinity 
of 
residential 
areas, 
protected 
sites 
and 
sites 
that 
have 
been 
identified 
as 
biodiversity 
-sensitive. 
Route 
planning 
explores 
possibilities 
to 
reduce 
environmental 
impacts 
by 
using 
already 
changed 
areas, 
such 
as 
farmland, 
instead 
of 
forests. 
However, 
the 
planning 
avoids 
any 
unnecessary 
lengthening 
of 
a 
transmission 
line 
route 
that 
would 
in 
principle 
increase 
land-use 
change, 
thus 
leading 
to 
higher 
negative 
overall 
impacts 
on 
nature 
and 
people. 
From 
the 
perspective 
of 
social 
consequences, 
the 
land 
use 
and 
environmental 
policy 
also 
addresses 
the 
consideration 
of 
landowners 
and 
other 
concerned 
parties 
in 
the 
grid’s 
lifetime. 
Fingrid 
does 
not 
have 
production 
that 
generates 
impacts 
on 
nature. 
The 
land 
use 
and 
environmental 
policy 
also 
does 
not 
specifically 
address 
the 
impacts 
on 
nature 
from 
the 
upstream 
value 
chain 
(procurement), 
because 
they 
have 
not 
been 
identified 
as 
material 
for 
the 
company. 
Oceans 
or 
seas 
practices 
or 
policies 
are 
not 
material 
for 
the 
company. 
Climate 
change 
as 
a 
whole 
is 
reported 
in 
standard 
E1. 
E4-3 
Actions 
and 
resources 
related 
to 
biodiversity 
and 
ecosystems
Fingrid 
has 
well-established 
operating 
models 
in 
place 
for 
considering 
and 
protecting 
biodiversity 
in 
its 
business. 
The 
operating 
models 
have 
been 
continuously 
applied 
in 
the 
grid 
building 
investments 
underway 
in 
2025 
and 
in 
the 
regular 
grid 
maintenance 
carried 
out 
in 
the 
reporting 
year. 
In 
transmission 
line 
projects, 
the 
avoidance 
of 
impacts 
on 
flora 
and 
natural 
habitats 
that 
are 
the 
direct 
result 
of 
land-use 
change 
has 
been 
started 
from 
the 
preliminary 
planning 
of 
routes 
by 
avoiding 
sites 
that 
have 
been 
identified 
as 
valuable. 
In 
major 
projects, 
the 
impacts 
on 
nature 
and 
the 
possibilities 
to 
mitigate 
them 
have 
been 
established 
through 
an 
environmental 
impact 
assessment 
(EIA) 
required 
by 
law, 
which, 
through 
the 
interaction 
included 
in 
the 
procedure, 
brings 
the 
knowledge 
of 
local 
people 
and, 
if 
required, 
also 
of 
Indigenous 
peoples 
to 
the 
project. 
In 
projects 
with 
minor 
impacts, 
the 
mitigation 
possibilities 
have 
been 
identified 
through 
an 
environmental 
assessment. 
In 
the 
planning 
phase 
of 
new 
substation 
projec 
ts, 
the 
area’s 
nature-related 
values 
have 
also 
been 
assessed 
to 
avoid 
adverse 
impacts. 
In 
the 
general 
planning 
phase 
of 
transmission 
line 
projects, 
impacts 
are 
mitigated 
through 
the 
location 
of 
towers. 
Construction 
is 
preferably 
scheduled 
in 
winter 
to 
leverage 
the 
protective 
effect 
of 
frozen 
soil 
and 
snow 
cover, 
which 
makes 
the 
construction 
work 
easier 
and 
reduces 
damage 
to 
the 
ground. 
The 
risk 
of 
birds 
colliding 
with 
transmission 
lines 
is 
reduced 
by 
installing 
diverters 
at 
valuable 
birdlife 
areas 
and, 
if 
necessary, 
disturbances 
can 
be 
avoided 
by 
limiting 
construction 
or 
maintenance 
work 
during 
the 
breeding 
season. 
The 
site 
-specific 
environmental 
guidelines 
ensure 
the 
implementation 
of 
mitigation 
measures 
throughout 
the 
entire 
lifetime 
of 
the 
assets. 
The 
nature 
sites 
to 
be 
considered 
during 
work 
have 
also 
been 
assessed 
for 
the 
maintenance 
of 
and 
vegetation 
management 
at 
existing 
transmission 
lines 
carried 
out 
in 
the 
reporting 
year. 
A 
compensation 
policy 
has 
been 
used 
for 
the 
clearing 
of 
trees 
at 
transmission 
line 
border 
zones, 
aimed 
at 
increasing 
decaying 
wood 
valuable 
for 
biodiversity. 

53 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
The 
landowners 
will 
in 
the 
future 
receive 
financial 
compensation 
from 
Fingrid 
if 
they 
are 
willing 
to 
leave 
two 
-to 
-four-
metre-high 
tree 
stumps 
on 
their 
property 
to 
increase 
decaying 
wood. 
Grid 
building 
and 
maintenance 
is 
outsourced 
to 
contractors 
and 
service 
providers. 
Fingrid 
requires 
commitments 
in 
landowner 
engagement, 
respect 
of 
site 
-specific 
environmental 
values, 
and 
proper 
waste 
and 
chemical 
handling 
from 
contractors 
and 
service 
providers 
by 
means 
of 
contract 
terms, 
environmental 
and 
safety 
training, 
and 
audits. 
All 
personnel 
working 
at 
Fingrid’s 
worksites 
complete 
online 
training 
on 
environmental 
matters. 
Service 
providers 
receive 
environmental 
training 
when 
investment 
projects 
are 
started, 
and 
environmental 
aspects 
are 
monitored 
on-site 
as 
part 
of 
worksite 
monitoring. 
Transmission 
line 
areas 
can 
also 
improve 
biodiversity. 
As 
part 
of 
its 
operating 
model, 
Fingrid 
therefore 
actively 
encourages 
landowners 
to 
make 
safe 
use 
of 
transmission 
line 
areas 
for 
the 
benefit 
of 
people 
and 
nature. 
Transmission 
line 
areas 
are 
kept 
open 
by 
regular 
selective 
clearing, 
which 
can 
replace 
the 
habitats 
of 
species 
threatened 
by 
disappearing 
meadows 
or 
drained 
peatlands. 
The 
selective 
clearing 
method 
means 
that 
junipers 
and 
short 
scrubs 
are 
left 
standing, 
taking 
into 
account 
the 
safety 
distances 
to 
live 
conductors 
and 
clearing 
cycles. 
In 
connection 
with 
the 
EIA 
procedure, 
potential 
traditional 
rural 
biotopes 
are 
identified 
with 
the 
objective 
to 
encourage 
landowners 
to 
maintain 
and 
protect 
the 
scenic 
and 
nature 
values 
of 
transmission 
line 
areas. 
Fingrid 
offers 
financial 
support 
for 
the 
maintenance 
of 
traditional 
rural 
biotopes 
located 
in 
transmission 
line 
areas 
by 
means 
of 
initial 
funding 
and 
by 
drawing 
up 
a 
maintenance 
plan. 
Overall, 
the 
company 
offers 
information 
on 
utilising 
transmission 
line 
areas 
in 
the 
form 
of 
guidelines 
for 
land 
planners 
and 
idea 
cards 
intended 
for 
landowners. 
Collaboration 
with 
The 
Finnish 
Association 
for 
Nature 
Conservation’s 
Uusimaa 
Region 
was 
launched 
in 
2025 
in 
order 
to 
manage 
two 
traditional 
biotopes. 
The 
extensive 
grid 
investment 
plan 
enabling 
the 
green 
transition 
is 
directly 
reflected 
in 
the 
number 
of 
necessary 
statutory 
environmental 
impact 
assessments 
and 
other 
actions 
for 
promoting 
biodiversity 
described 
above. 
In 
2025, 
Fingrid 
had 
several 
grid 
projects 
in 
the 
planning 
phase 
and 
several 
EIAs 
underway: 
Anttila–Länsisalmi, 
Ridge 
Line, 
Hikiä–Inkoo, 
Juurikkaperä 
–Toivila, 
Lieto 
–Raisio 
and 
Seinäjoki 
–Hirvisuo. 
The 
EIA 
procedure 
is 
an 
important 
planning 
tool 
for 
Fingrid 
to 
find 
the 
environmentally 
best 
tran 
smission 
line 
routes 
in 
co-operation 
with 
landowners, 
authorities 
and 
other 
stakeholders. 
In 
2025, 
the 
new 
land-use 
change 
intensity 
target 
set 
for 
2025–2030 
was 
turned 
into 
an 
action 
plan, 
clarifying 
Fingrid’s 
nature 
strategy 
and 
at 
the 
same 
time 
increasing 
nature 
awareness 
within 
the 
company. 
At 
the 
company 
level, 
projects 
and 
other 
measures 
that 
contribute 
to 
the 
target 
were 
identified, 
and 
opportunities 
for 
new 
measures 
were 
assessed. 
In 
addition, 
a 
study 
on 
shorter 
clearing 
cycles 
at 
selected 
transmission 
line 
areas 
for 
promoting 
biodiversity 
was 
continued. 
Vegetation 
inventories 
were 
conducted 
on 
pilot 
sites, 
and 
they 
were 
cleared 
more 
frequently 
than 
usual, 
on 
a 
three-year 
clearing 
cycle. 
In 
the 
reporting 
year, 
the 
company 
did 
not 
use 
biodiversity 
offsets. 
A 
decision 
to 
ease 
protection 
regulations 
on 
nature 
reserves 
was 
issued 
in 
order 
to 
implement 
the 
Alajärvi 
–Hikiä 
transmission 
line 
project. 
In 
the 
Kristiinankaupunki 
–Nokia 
project, 
three 
applications 
were 
submitted 
for 
processing 
to 
change 
the 
protection 
regulations 
on 
a 
private 
nature 
reserve 
area 
where 
the 
new 
transmission 
line 
route 
relies 
on 
the 
widening 
of 
the 
existing 
transmission 
line 
area. 
No 
significant 
environment 
-related 
deviations 
occurred. 
Green 
corridors 
were 
used 
as 
a 
new 
mitigation 
measure 
in 
the 
planning 
of 
transmission 
line 
projects. 
The 
green 
corridor 
secures 
especially 
the 
protection 
of 
flying 
squirrels, 
a 
threatened 
species, 
by 
enabling 
their 
movements 
across 
a 
broad 
transmission 
line 
area 
consisting 
of 
several 
transmission 
lines. 
E4-4 
Targets 
related 
to 
biodiversity 
and 
ecosystems
As 
part 
of 
its 
corporate 
responsibility 
ESG 
targets 
for 
2025–2030, 
Fingrid 
monitors 
the 
efficiency 
of 
the 
use 
of 
the 
transmission 
line 
areas 
in 
relation 
to 
the 
electricity 
transmitted. 
This 
target 
and 
its 
metric, 
set 
for 
the 
company’s 
material 
sustainability 
matter, 
cannot 
provide 
all 
the 
information 
required 
under 
the 
minimum 
disclosure 
requirements 
as 
described 
in 
more 
detail 
in 
connection 
with 
disclosure 
requirement 
E1-4 
(Targets 
related 
to 
climate 
change 
mitigation 
and 
adaptation).The 
target 
is 
not 
scie 
nce-based, 
and 
when 
setting 
it, 
the 
company 
did 
not 
use 
any 
offsets 
or 
give 
any 
particular 
consideration 
to 
ecological 
threshold 
values 
and 
specific 
biodiversity 
guidelines 
or 
frameworks. 
From 
the 
perspective 
of 
the 
nature-related 
impact 
mitigation 
hierarchy, 
the 
target 
is 
the 
avoidance 
and 
minimisation 
of 
the 
adverse 
effects 
from 
land-use 
change 
resulting 
from 
grid 
building. 
The 
land-use 
change 
intensity 
target 
and 
its 
metric 
and 
outcome 
in 
the 
reporting 
year 
are 
presented 
in 
the 
following 
table. 
In 
2025, 
the 
efficiency 
of 
the 
land 
use 
of 
transmission 
line 
areas 
enhanced 
in 
accordance 
with 
the 
target. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
54 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Targets 
set 
by 
Fingrid 
(2025–2030) 
Enhancing 
the 
efficiency 
of 
the 
land 
use 
of 
power 
line 
areas 
in 
relation 
to 
the 
transmitted 
electricity 
by 
an 
average 
of 
-2% 
per 
year 
compared 
to 
the 
level 
of 
2024 
Outturn 
2025 
Base 
year 
2024 
Change 
% 
Intensity 
of 
land 
use 
change 
(area 
of 
power 
line 
areas, 
ha 
/ 
electricity 
transmitted 
in 
the 
grid, 
TWh) 
828.4 
859.8 
-3.7 
% 
E4-5 
Impact 
metrics 
related 
to 
biodiversity 
and 
ecosystems 
change
Some 
of 
the 
main 
grid 
transmission 
lines 
are 
located 
in 
biodiversity 
-sensitive 
areas 
as 
presented 
in 
the 
following 
table. 
The 
necessary 
mitigation 
measures 
have 
been 
assessed 
for 
these 
areas 
to 
implement 
transmission 
line 
maintenance. 
Sites 
located 
in 
or 
near 
biodiversity-sensitive 
areas 
2025 
2024 
Number 
of 
sites 
owned, 
leased 
or 
managed 
445 
431 
Area 
of 
sites 
owned, 
leased 
or 
managed 
(hectares) 
1,356 
1,345 
The 
land-use 
change 
caused 
by 
building 
the 
main 
grid’s 
transmission 
lines 
and 
substations 
is 
mostly 
the 
result 
of 
the 
establishment 
of 
new 
transmission 
line 
areas 
and 
the 
removal 
of 
trees 
from 
these 
areas. 
The 
following 
table 
describes 
the 
extent 
of 
the 
land-use 
change 
resulting 
from 
new 
transmission 
line 
areas 
in 
2025 
and 
the 
cumulative 
area 
of 
the 
company’s 
transmission 
line 
areas 
at 
the 
end 
of 
the 
reporting 
year. 
The 
undergrowth 
below 
the 
transmission 
line 
rights-of-way 
is 
cleared 
regularly 
during 
their 
lifetime. 
The 
height 
of 
the 
forests 
at 
the 
border 
zones 
of 
the 
transmission 
lines 
is 
controlled 
by 
helicopter 
sawing 
and 
felling 
operations 
so 
that 
any 
falling 
trees 
do 
not 
come 
into 
contact 
with 
the 
transmission 
lines, 
causing 
danger 
to 
people 
or 
disturba 
nces 
in 
electricity 
transmission. 
Total 
land-use 
area 
(hectares) 
2025 
2024 
Cumulative 
transmission 
line 
area 
at 
the 
end 
of 
the 
reporting 
year 
63,174 
62,768 
Change 
in 
transmission 
line 
area 
during 
the 
reporting 
year 
+406 
+1350 
Preparation 
and 
calculation 
principles 
E4 
State- 
and 
private 
-owned 
nature 
reserves 
and 
Natura 
sites 
as 
per 
the 
datasets 
of 
the 
Finnish 
Environmental 
Institute 
are 
considered 
as 
biodiversity 
-sensitive 
areas. 
Geographic 
information 
analysis 
is 
used 
to 
review 
the 
overlapping 
of 
these 
areas 
in 
relation 
to 
the 
areas 
owned 
and 
leased 
by 
Fingrid 
and 
to 
areas 
for 
which 
the 
company 
has 
acquired 
rights-of-use 
through 
expropriation. 
The 
information 
of 
these 
areas 
is 
managed 
in 
the 
company’s 
geographic 
database. 
In 
Fingrid’s 
operations, 
transmission 
lines, 
substations, 
reserve 
power 
plants 
and 
properties 
where 
the 
company 
has 
activities 
that 
cause 
nature-related 
impacts 
are 
considered 
as 
sites 
causing 
nature-related 
impacts. 
For 
transmission 
lines, 
the 
calculation 
of 
the 
area 
includes 
the 
entire 
transmission 
line 
area, 
comprising 
the 
right-of 
-way 
and 
its 
border 
zones. 
The 
calculation 
of 
the 
area 
for 
land-use 
change 
covers 
the 
transmission 
line 
areas. 
The 
change 
is 
reviewed 
annually 
based 
on 
the 
year 
when 
the 
transmission 
line 
was 
commissioned. 
The 
index 
measuring 
land-use 
efficiency 
is 
calculated 
by 
dividing 
the 
cumulative 
land 
area 
(ha) 
by 
the 
transmission 
volume 
of 
the 
main 
grid 
(TWh). 
In 
this 
context, 
the 
transmission 
volume 
of 
the 
main 
grid 
refers 
to 
the 
annual 
amount 
of 
energy 
transmitted 
in 
the 
grid 
owned 
by 
Fingrid, 
and 
it 
is 
reported 
annually 
in 
the 
Report 
of 
the 
Board 
of 
Directors. 
ESRS 
E5 
– 
Resource 
use 
and 
circular 
economy 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
resource 
use 
and 
circular 
economy 
From 
the 
perspective 
of 
resource 
use 
and 
circular 
economy, 
the 
inflow 
of 
resources 
needed 
for 
grid 
building 
are 
material 
for 
Fingrid’s 
business. 
Resources 
are 
needed 
to 
build 
transmission 
lines 
and 
substations 
as 
part 
of 
the 
company’s 
investment 
plan 
and 
transition 
plan 
for 
climate 
change 
mitigation. 
Rising 
material 
costs 
and 
availability 
challenges 
can 
cause 
material 
risks 
for 
the 
building 
of 
a 
main 
grid 
that 
enables 
climate 
change 
mitigation, 
while 
at 
the 
same 
time 
efforts 
are 
made 
to 
achieve 
low 
emissions 
and 
a 
transition 
from 
the 
use 
of 
primary 
resources 
to 
recycled 
resources. 
From 
the 
perspective 
of 
resource 
outflows, 
the 
majority 
of 
dismantled 
materials 
can 
be 
recycled, 
and 
the 
company’s 
waste 
management 
is 
arranged 
in 
a 
centralised 
manner 
with 
a 
single 
waste 
management 
provider. 
Resource 
outflows 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
55 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
are 
not 
a 
material 
sustainability 
topic 
for 
Fingrid, 
but 
they 
are 
reported 
on 
as 
necessary 
in 
relation 
to 
the 
EU 
taxonomy. 
The 
Do 
No 
Significant 
Harm 
(DNSH) 
principle 
for 
the 
transition 
to 
circular 
economy 
requires 
a 
waste 
management 
plan 
to 
ensure 
re-use 
or 
recycling 
to 
the 
maximum 
extent 
possible 
according 
to 
the 
waste 
management 
hierarchy. 
ESRS 
standard
Material 
topics
Impact
Financial 
impact
Identified 
impacts
Risks 
and 
opportunities
Fingrid’s 
policies 
for 
impacts, 
risks 
and 
opportunities 
management 
E5 
Resource 
use 
and 
circular 
economy 
Resource 
inflows, 
including 
resource 
use 
• 
- 
Rising 
material 
costs 
and 
availability 
challenges 
Land 
use 
and 
environmental 
policy 
+ 
Opportunity 
/ 
- 
Risk 
E5-1 
Policies 
related 
to 
resource 
use 
and 
circular 
economy
Fingrid’s 
policies 
for 
the 
management 
of 
resource 
use 
and 
circular 
economy-related 
impacts, 
risks 
and 
opportunities 
include 
the 
land 
use 
and 
environmental 
policy 
approved 
by 
the 
company’s 
President 
& 
CEO, 
the 
contract 
terms 
for 
suppliers 
and 
the 
waste 
specification 
documents. 
The 
land 
use 
and 
environmental 
policy 
contains 
guidelines 
for 
the 
management 
of 
the 
risks 
and 
opportunities 
related 
to 
the 
materials 
needed 
in 
grid 
building, 
when 
considering 
the 
target 
to 
reduce 
carbon 
footprint 
impacts 
and 
the 
use 
of 
primary 
materials. 
The 
key 
materials 
used 
in 
building 
are 
mostly 
primary 
materials, 
because 
the 
availability 
of 
secondary 
materials 
meeting 
the 
technical 
requirements 
of 
grid 
building 
is 
so 
far 
limited. 
The 
purity 
requirements 
for 
electrotechnical 
aluminium 
and 
copper 
limit 
the 
use 
of 
recycled 
materials 
in 
the 
transmission 
line 
conductors 
and 
substation 
transformers. 
In 
terms 
of 
steel 
consumption, 
the 
guyed 
tower, 
which 
is 
currently 
used 
as 
the 
standard 
solution 
for 
Fingrid’s 
transmission 
towers, 
is 
lightweight 
and 
material 
-efficient. 
The 
use 
of 
secondary 
materials 
can 
also 
be 
limited 
by 
availability, 
especially 
when 
it 
comes 
to 
steel. 
Fingrid 
works 
together 
with 
its 
contractors 
to 
reduce 
the 
consumption 
of 
primary 
natural 
resources 
needed 
for 
grid 
building. 
Contractors 
are 
encouraged 
through 
contract 
terms, 
for 
example, 
to 
favour 
recycled 
materials 
instead 
of 
primary 
materials, 
where 
possible. 
As 
a 
client, 
Fingrid 
requires 
through 
contract 
terms 
that 
its 
contractual 
partners 
follow 
the 
waste 
hierarchy 
and 
the 
waste 
management 
prioritisation 
such 
that 
the 
primary 
means 
is 
to 
reduce 
the 
volume 
of 
waste 
generated. 
As 
required 
in 
the 
waste 
specification 
documentation, 
materials 
to 
be 
decommissioned 
and 
waste 
are 
recycled 
efficiently 
when 
building 
new 
grid 
sections 
or 
dismantling 
old 
structures. 
E5-2 
Actions 
and 
resources 
in 
relation 
to 
resource 
use 
and 
circular 
economy 
Based 
on 
volumes, 
the 
key 
materials 
needed 
in 
Fingrid’s 
grid 
investments 
to 
promote 
climate 
change 
mitigation 
are 
steel, 
aluminium, 
copper 
and 
concrete. 
In 
2025, 
follow-up 
measures 
on 
the 
testing 
of 
recycled 
steel 
structures 
for 
substations 
were 
assessed. 
In 
the 
light 
of 
experiences 
related 
to 
the 
availability 
of 
materials 
and 
cost 
and 
climate 
impacts, 
improving 
material 
efficiency 
will 
also 
be 
investigated 
in 
the 
future 
to 
reduce 
the 
consumption 
of 
steel 
needed 
in 
grid 
construction. 
Generally, 
roughly 
a 
fifth 
of 
the 
globally 
manufactured 
steel 
is 
based 
on 
the 
reuse 
of 
recycled 
steel, 
which 
reduces 
the 
need 
for 
primary 
raw 
materials. 
However, 
the 
material 
for 
the 
workshop 
that 
currently 
manufactures 
transmission 
towers 
typically 
comes 
from 
wholesalers 
without 
detailed 
information 
or 
specifications 
concerning 
the 
proportion 
of 
recycled 
material 
E5-3 
Targets 
related 
to 
resource 
use 
and 
circular 
economy 
No 
specific 
target 
related 
to 
material 
inflows 
is 
included 
in 
Fingrid’s 
corporate 
responsibility 
ESG 
targets 
for 
2025–
2030. 
The 
company 
monitors 
this 
sustainability 
matter, 
which 
has 
been 
recognised 
as 
material, 
as 
part 
of 
its 
science-
based 
(SBTi) 
climate 
target. 
Legislation 
does 
not 
require 
such 
target, 
but 
the 
company 
is 
developing 
the 
tracking 
of 
effectiveness 
in 
this 
area 
and 
assessing 
opportunities 
to 
set 
a 
voluntary 
target. 
E5-4 
Resource 
inflows 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
56 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
The 
use 
of 
the 
key 
materials 
needed 
in 
grid 
investments 
(steel, 
aluminium, 
copper 
and 
concrete) 
for 
2025 
is 
presented 
in 
the 
table 
below. 
No 
biological 
materials 
are 
used 
in 
the 
manufacture 
of 
grid 
building 
materials. 
The 
volume 
of 
secondary 
reused 
or 
recycled 
components, 
secondary 
intermediary 
products 
and 
secondary 
materials 
is 
insignificant. 
Materials 
used 
during 
the 
reporting 
period 
(tonnes) 
2025 
2024 
Steel 
12,969 
9,628 
Aluminium 
3,160 
2,952 
Concrete 
43,640 
36,801 
Copper 
687 
637 
Total 
60,456 
50,018 
E5-6 
Anticipated 
financial 
effects 
from 
material 
resource 
use 
and 
circular 
economy 
-related 
risks 
and 
opportunities 
Fingrid 
does 
not 
identify 
any 
specific 
financial 
effects 
that 
could 
arise 
for 
the 
company 
from 
a 
material 
risk 
related 
to 
resource 
use 
and 
circular 
economy. 
Preparation 
and 
calculation 
principles 
E5 
The 
calculation 
of 
inflowing 
materials 
includes 
the 
substation 
and 
transmission 
line 
assets 
commissioned 
in 
the 
reporting 
year. 
The 
quantity 
of 
commissioned 
assets 
is 
obtained 
directly 
from 
Fingrid’s 
asset 
management 
system. 
The 
commissioned 
assets 
are 
grouped 
by 
calculation 
components, 
which, 
for 
transmission 
lines, 
are 
towers 
and 
foundations 
by 
type 
and 
conductors 
by 
type. 
At 
substations, 
the 
calculation 
components 
are 
the 
equipment 
groups 
by 
voltage 
level 
and 
the 
other 
substation 
infrastructure. 
The 
quantity 
of 
other 
substation 
infrastructure 
is 
estimated 
based 
on 
the 
number 
of 
circuit 
-breakers 
commissioned 
during 
the 
reporting 
year, 
and 
the 
estimated 
quantitative 
data 
includes 
the 
weight 
of 
steel 
support 
structures, 
the 
weight 
of 
the 
earthing 
network 
and 
the 
volume 
of 
cabling. 
The 
calculation 
basis 
for 
the 
quantity 
of 
materials 
for 
buildings 
is 
the 
floor 
area 
of 
the 
building. 
Copper, 
aluminium, 
steel 
and 
concrete 
have 
been 
identified 
as 
material 
inflowing 
materials 
in 
Fingrid’s 
operations. 
An 
average 
calculation 
component 
-specific 
material 
factor 
has 
been 
calculated 
for 
these 
materials 
based 
on 
data 
obtained 
from 
the 
investment 
projects. 
The 
data 
is 
mainly 
obtained 
from 
equipment 
manufacturers 
and 
technical 
documents. 
The 
average 
material 
factors 
for 
the 
calculation 
components 
have 
been 
calculated 
separately 
for 
the 
voltage 
levels 
400, 
220 
and 
110 
kilovolts. 
The 
quantity 
of 
inflowing 
materials 
has 
been 
calculated 
by 
multiplying 
the 
quantity 
of 
the 
calculation 
component 
by 
its 
material 
factors 
in 
the 
reporting 
year. 
1.12.3 
Social 
information 
ESRS 
S1 
– 
Own 
workforce 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
own 
workforce 
Fingrid 
is 
an 
expert 
organisation 
in 
which 
operations 
are 
based 
on 
the 
skills, 
health 
and 
well-being 
of 
personnel 
who 
recognise 
the 
importance 
of 
their 
work 
for 
the 
company, 
customers 
and 
society. 
From 
the 
perspective 
of 
own 
workforce, 
i.e. 
personnel 
and 
temporary 
workers 
who 
mainly 
work 
under 
Fingrid’s 
guidance, 
the 
material 
impacts 
are 
related 
to 
securing 
the 
working 
conditions, 
equal 
treatment 
and 
equal 
opportunities 
for 
personnel. 
In 
the 
area 
of 
human 
rights 
impacts, 
the 
most 
significant 
negative 
impacts 
and 
risks 
when 
it 
comes 
to 
life 
and 
health 
are 
related 
to, 
for 
example, 
worksite 
visits. 
In 
addition, 
the 
increase 
in 
duties 
and 
competence 
requirements 
due 
to 
the 
energy 
transformation 
and 
related 
transition 
plans 
increases 
the 
load 
caused 
by 
work, 
thus 
leading 
to 
higher 
risks 
for 
employees’ 
health. 
When 
Fingrid’s 
own 
workforce 
-related 
actions 
succeed, 
their 
identified 
impact 
on 
occupational 
well-being 
and 
safety 
is 
positive, 
while 
unsuccessful 
actions 
have 
a 
negative 
impact. 
The 
input 
data 
for 
the 
double 
materiality 
assessment 
and 
workshop 
work 
have 
helped 
ensure 
an 
understanding 
that 
there 
are 
no 
specific 
workers 
to 
consider 
who 
would 
be 
more 
affected 
by 
a 
risk 
of 
negative 
impact 
than 
others. 
The 
impacts 
are 
related 
to 
Fingrid’s 
own 
workforce 
in 
its 
entirety 
and 
are 
limited 
to 
individual 
cases. 
The 
company 
operates 
in 
Finland 
and 
its 
operations 
do 
not 
involve 
any 
significant 
risk 
of 
forced 
labour 
or 
child 
labour. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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ESRS 
standard
Material 
topics
Impact
Financial 
impact
Identified 
impacts
Risks 
and 
opportunities
Fingrid’s 
policies 
for 
impacts, 
risks 
and 
opportunities 
management 
S1 
Own 
workforce 
↑/↓Working 
conditions 
• 
Health 
and 
safety 
↑/↓Equal 
treatment 
and 
opportunitie
s 
for 
all 
• 
Measures 
against 
violence 
and 
harassment 
in 
the 
workplace 
• 
↑/↓Well 
-being 
and 
safety 
of 
own 
personnel 
Practices 
and 
goals 
of 
Fingrid’s 
occupational 
health 
and 
safety 
management 
Occupational 
safety 
handbook 
Fingrid’s 
Code 
of 
Conduct 
Management 
principles 
HR 
policy 
Equal 
opportunity 
and 
non-
discrimination 
plan 
↑ 
Positive 
impact 
/↓ 
Negative 
impact 
S1-1 
Policies 
related 
to 
own 
workforce
Key 
principles 
for 
the 
management 
of 
impacts, 
risks 
and 
opportunities 
related 
to 
own 
workforce 
include 
Fingrid’s 
management 
principles, 
HR 
policy, 
equal 
opportunity 
and 
non-discrimination 
plan, 
Code 
of 
Conduct, 
and 
practices 
and 
goals 
of 
Fingrid’s 
occupational 
health 
and 
safety 
management. 
The 
Code 
of 
Conduct 
ensures 
equal 
management 
practices 
across 
the 
organisation 
and 
aims 
to 
ensure 
the 
work 
community’s 
health, 
well-being 
and 
high 
performance. 
Taking 
care 
of 
personnel’s 
physical 
and 
mental 
well-being 
at 
work 
promotes 
productivity 
and 
employee 
satisfaction, 
and 
reduces 
absences 
due 
to 
illness 
and 
work-related 
injuries, 
among 
other 
things. 
Equal 
treatment 
creates 
trust 
and 
commitment 
towards 
the 
employer. 
The 
Code 
of 
Conduct 
supporting 
equality 
and 
diversity 
creates 
a 
good 
foundation 
for 
a 
well-functioning 
corporate 
culture 
and 
for 
attracting 
the 
best 
talent 
to 
the 
company. 
The 
aforementioned 
principles 
are 
approved 
by 
the 
company’s 
Board 
of 
Directors, 
and 
the 
policies 
are 
approved 
by 
the 
President 
and 
CEO. 
The 
practices 
and 
goals 
of 
Fingrid’s 
occupational 
health 
and 
safety 
management 
are 
approved 
by 
the 
President 
and 
CEO. 
The 
equal 
opportunity 
and 
non-discrimination 
plan 
is 
approved 
by 
the 
HR 
director. 
All 
policies 
cover 
Fingrid’s 
entire 
own 
workforce. 
Fingrid 
is 
committed 
to 
responsible 
and 
ethical 
business 
practices 
to 
promote 
sustainable 
development 
(Code 
of 
Conduct). 
These 
principles 
are 
based 
on 
the 
United 
Nations 
Global 
Compact 
initiative 
and 
the 
principles 
guiding 
business 
operations 
and 
human 
rights. 
The 
Code 
of 
Conduct 
also 
includes 
Fingrid’s 
human 
rights 
commitment. 
The 
company 
follows 
due 
diligence 
and 
respects 
internationally 
recognised 
human 
rights. 
Fingrid 
avoids 
operating 
in 
a 
manner 
that 
leads 
to 
adverse 
human 
rights 
impacts, 
addresses 
any 
adverse 
human 
rights 
impacts 
when 
they 
occur, 
and 
takes 
remediation 
measures 
when 
required. 
As 
stated 
in 
its 
Code 
of 
Conduct, 
the 
company 
does 
not 
tolerate 
the 
use 
of 
child 
labour 
and 
forced 
labour. 
The 
company 
also 
does 
not 
tolerate 
human 
trafficking, 
which 
is 
moreover 
prohibited 
in 
the 
Supplier 
Code 
of 
Conduct. 
Engagement 
with 
own 
workforce 
takes 
place 
in 
statutory 
co-operation 
bodies, 
i.e. 
the 
co-operation 
and 
dialogue 
meeting 
with 
shop 
stewards 
and 
the 
OHS 
committee. 
The 
company’s 
Code 
of 
Conduct 
includes 
the 
prohibition 
of 
all 
forms 
of 
discrimination, 
harassment 
and 
bullying. 
The 
company 
is 
committed 
to 
promoting 
diversity 
in 
everything 
it 
does. 
All 
employees 
are 
guaranteed 
equal 
opportunities, 
rights 
and 
treatment. 
 
Personnel’s 
occupational 
health 
and 
safety 
come 
first 
in 
all 
of 
Fingrid’s 
activities. 
It 
is 
important 
for 
the 
company 
that 
each 
employee 
returns 
home 
safely 
and 
healthy. 
In 
an 
expert 
organisation, 
both 
physical 
and 
mental 
factors 
can 
lead 
to 
hazardous 
situations 
and 
stress. 
Fingrid’s 
occupational 
health 
and 
safety 
management 
is 
steered 
by 
Fingrid’s 
occupational 
health 
and 
safety 
policy 
and 
goals. 
The 
company 
has 
in 
place 
an 
occupational 
health 
and 
safety 

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management 
system 
based 
on 
ISO 
45001, 
which 
is 
applied 
to 
the 
operations 
of 
Fingrid’s 
own 
workforce, 
suppliers 
and 
sub 
-suppliers, 
and 
materials, 
equipment 
and 
engineering 
ordered 
by 
Fingrid. 
Requirements 
for 
occupational 
health 
and 
safety 
management 
are 
established 
in 
the 
occupational 
safety 
manual, 
which 
is 
the 
responsibility 
of 
the 
President 
& 
CEO. 
S1-2 
Processes 
for 
engaging 
with 
own 
workforce 
and 
workers’ 
representatives 
about 
impacts 
The 
statutory 
co-operation 
bodies 
are 
the 
co-operation 
and 
dialogue 
meeting 
and 
the 
occupational 
health 
and 
safety 
committee. 
The 
co-operation 
and 
dialogue 
meeting 
discusses 
personnel 
issues 
extensively. 
Statutory 
OHS 
matters 
are 
handled 
by 
the 
company’s 
OHS 
committee, 
which 
includes 
elected 
personnel 
representatives. 
The 
employer’s 
representative 
in 
the 
OHS 
committee 
is 
the 
OHS 
Manager 
appointed 
by 
the 
company. 
Each 
year, 
the 
co-operation 
and 
dialogue 
meeting 
reviews 
matters 
required 
by 
the 
Co-operation 
Act, 
such 
as 
key 
figures 
related 
to 
personnel’s 
occupational 
well-being 
and 
health, 
the 
results 
of 
the 
personnel 
survey 
and 
the 
equal 
opportunity 
and 
non-discrimi 
nation 
plan. 
The 
co-operation 
and 
dialogue 
meeting, 
which 
convenes 
four 
times 
a 
year, 
is 
comprised 
of 
the 
shop 
stewards 
of 
salaried 
employees 
and 
senior 
salaried 
employees, 
the 
HR 
manager 
and 
the 
HR 
director. 
Co 
-operation 
with 
the 
shop 
stewards 
has 
been 
constructive, 
and 
the 
company 
has, 
among 
other 
things, 
concluded 
local 
agreements 
related 
to 
working 
time, 
remote 
work 
and 
travel 
allowances. 
A 
briefing 
is 
organised 
for 
the 
entire 
personnel 
each 
year, 
with 
the 
representatives 
of 
the 
HR 
unit 
sharing 
information 
about 
the 
equal 
opportunity 
and 
non-discrimination 
plan 
and 
occupational 
well-being 
and 
safety. 
An 
extensive 
survey 
is 
also 
carried 
out 
at 
least 
once 
a 
year 
to 
measure 
employee 
satisfaction, 
and 
the 
results 
are 
shared 
with 
the 
entire 
personnel. 
Fingrid 
has 
an 
agreement 
with 
occupational 
healthcare 
services 
that 
applies 
to 
all 
persons 
employed 
by 
Fingrid. 
The 
occupational 
healthcare 
services 
make 
workplace 
visits 
to 
the 
company’s 
various 
locations 
and, 
in 
this 
way, 
take 
part 
as 
an 
external 
healthcare 
specialist 
in 
the 
identification 
and 
assessment 
of 
the 
risks 
affecting 
the 
company’s 
occupational 
health 
and 
work 
ability. 
In 
addition 
they 
provide 
recommendations 
for 
measures 
to 
prevent 
and 
mitigate 
the 
risks. 
Fingrid’s 
occupational 
health 
and 
safety 
procedures 
are 
continuously 
developed 
and 
the 
work 
environments 
are 
upgraded 
on 
the 
basis 
of 
risk 
assessments 
and 
workplace 
surveys. 
All 
accidents, 
near 
misses 
and 
safety 
observations 
are 
investigated 
and 
the 
lessons 
learned 
are 
implemented. 
An 
annual 
review 
is 
prepared 
for 
Fingrid’s 
executive 
management 
group 
on 
the 
effectiveness 
of 
the 
occupational 
health 
and 
safety 
management 
system 
and 
the 
results 
of 
internal 
audits. 
The 
OHS 
committee, 
comprised 
of 
personnel 
representatives, 
convenes 
three 
times 
a 
year 
and 
annually 
creates 
an 
action 
plan 
based 
on 
factors 
such 
as 
risk 
assessments, 
safety 
observations, 
occurred 
accidents 
and 
near 
misses. 
The 
entire 
personnel 
may 
also 
make 
suggestions 
to 
the 
OHS 
committee 
for 
developing 
occupational 
health 
and 
safety. 
Issues 
related 
to 
occupational 
health 
and 
safety 
are 
also 
addressed 
in 
the 
internal 
safety 
forum 
and 
by 
the 
occupational 
safety 
group. 
Training 
organised 
for 
personnel 
is 
planned 
annually 
based 
on 
need. 
It 
is 
discussed 
in 
the 
internal 
occupational 
safety 
group 
and 
OHS 
committee. 
In 
addition, 
personnel 
are 
engaged 
in 
decision-making 
through 
HR 
development 
groups, 
and 
their 
opinions 
are 
heard 
through 
regular 
personnel 
surveys 
measuring, 
among 
other 
aspects, 
the 
well 
-being 
of 
personnel 
and 
their 
willingness 
to 
recommend 
the 
company 
as 
a 
workplace 
(eNPS). 
Through 
the 
aforementioned 
engagement 
practices, 
Fingrid 
addresses, 
together 
with 
personnel, 
also 
the 
impacts 
on 
personnel 
from 
decarbonisation 
and 
a 
transition 
to 
greener 
and 
climate 
-neutral 
operations. 
These 
impacts 
show, 
in 
particular, 
as 
an 
increase 
in 
the 
load 
caused 
by 
expert 
work, 
as 
duties 
and 
competence 
requirements 
increase, 
with 
Fingrid 
as 
a 
company 
playing 
a 
key 
role 
in 
the 
implementation 
of 
the 
green 
transition 
and 
the 
expansion 
of 
the 
power 
system. 
S1-3 
Processes 
to 
remediate 
negative 
impacts 
and 
channels 
for 
own 
workforce 
to 
raise 
concerns
Personnel 
have 
access 
to 
several 
feedback 
and 
reporting 
channels 
and 
has 
received 
instructions 
on 
their 
use. 
Personnel 
are 
supported 
in 
remediating 
negative 
impacts 
by 
their 
supervisor, 
their 
supervisor’s 
supervisor, 
HR 
experts, 
trade 
union 
shop 
stewards 
and 
OHS 
representatives. 
They 
all 
have 
the 
obligation 
to 
take 
corrective 
action 
once 
they 
have 
been 
made 
aware 
of 
potential 
grievances 
or 
misconduct. 
In 
addition, 
personnel 
may 
turn 
to 
occupational 
health 
care 
professionals 
in 
all 
matters 
related 
to 
occupational 
well-being 
and 
health. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Personnel 
have 
the 
opportunity 
to 
give 
anonymous 
feedback 
in 
annual 
personnel 
surveys. 
In 
addition, 
a 
confidential 
and 
independent 
reporting 
channel, 
which 
also 
allows 
anonymous 
reporting, 
is 
in 
place 
for 
personnel 
and 
third 
parties. 
This 
and 
the 
processing 
of 
whistleblower 
reports 
are 
discussed 
in 
connection 
with 
disclosure 
requirement 
G1-1 
(Business 
conduct 
policies 
and 
corporate 
culture). 
The 
investigation 
and 
reporting 
of 
occupational 
safety 
incidents 
and 
the 
division 
of 
responsibilities 
and 
follow-up 
regarding 
corrective 
action 
take 
place 
in 
the 
HSEQ 
reporting 
system. 
Safety 
observations 
can 
also 
be 
made 
anonymously 
on 
Fingrid’s 
public 
website. 
Fingrid’s 
OHS 
committee 
coordinates 
the 
risk 
assessments 
of 
the 
company’s 
own 
personnel. 
Risk 
assessments 
are 
processed 
in 
the 
OHS 
committee. 
S1-4 
Taking 
action 
on 
material 
impacts 
on 
own 
workforce, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
own 
workforce, 
and 
effectiveness 
of 
those 
actions 
Fingrid 
annually 
prepares 
an 
occupational 
safety 
action 
plan, 
which 
describes 
the 
occupational 
safety 
development 
measures 
and 
priorities, 
the 
occupational 
safety 
metrics 
that 
should 
be 
given 
emphasis 
as 
well 
as 
their 
annual 
interim 
targets, 
for 
both 
own 
personnel 
and 
for 
suppliers. 
For 
Fingrid’s 
own 
personnel, 
the 
director 
in 
charge 
of 
HR 
approves 
the 
action 
plan. 
Several 
training 
sessions 
on 
occupational 
health, 
safety 
and 
well 
-being 
were 
organised 
in 
2025. 
In 
accordance 
with 
the 
occupational 
safety 
action 
plan, 
training 
was 
arranged 
for 
personnel 
on, 
among 
other 
things, 
first 
aid 
and 
electrical 
and 
occupational 
safety. 
The 
OHS 
committee 
organised 
a 
campaign 
with 
the 
theme 
of 
Towards 
a 
Culture 
of 
Success, 
the 
aim 
of 
which 
was 
to 
improve 
personnel’s 
work 
well-being 
and 
resilience 
by 
drawing 
attention 
to 
positive 
things 
and 
successes 
that 
support 
work 
ability. 
As 
part 
of 
the 
campaign, 
employees 
were 
also 
encouraged 
to 
make 
safety 
observations. 
The 
OHS 
committee 
actively 
communicated 
about 
the 
campaign 
and 
occupational 
health 
and 
safety 
throughout 
the 
year. 
In 
accordance 
with 
the 
HR 
unit’s 
action 
plan, 
a 
traditional 
training 
day 
around 
the 
theme 
of 
safety 
was 
organised 
for 
personnel 
in 
autumn 
2025. 
For 
supervisors, 
development 
days, 
situational 
awareness 
reviews 
and 
supervisor 
info 
sessions 
were 
organised 
in 
order 
to 
harmonise 
management 
practices 
and 
ensure 
well-being 
at 
work. 
In 
addition, 
new 
supervisors 
completed 
a 
separate 
induction 
programme 
on 
supervisory 
work. 
These 
actions 
are 
aimed 
at 
creating 
a 
positive 
impact 
on 
the 
well 
-being 
and 
safety 
of 
own 
personnel. 
The 
effectiveness 
of 
the 
actions 
is 
assessed 
regularly 
through 
a 
personnel 
survey. 
The 
work 
community 
development 
plan 
was 
reviewed 
with 
personnel 
representatives 
and 
approved 
in 
the 
co-
operation 
and 
dialogue 
meeting. 
Fingrid 
offers 
its 
entire 
personnel 
opportunities 
to 
develop 
and 
grow 
their 
competence. 
The 
aim 
is 
to 
secure 
competence 
by 
offering 
personnel 
internal 
and 
external 
training, 
job 
rotation 
and 
co-operation 
across 
organisational 
boundaries. 
Fingrid 
expects 
the 
green 
transition 
to 
increase 
the 
scope 
of 
the 
company’s 
operations 
and 
thus 
the 
load 
caused 
by 
work 
on 
its 
own 
workforce. 
The 
personnel 
association 
Kehys 
and 
Young 
Professionals 
organised 
several 
recreational 
events 
to 
support 
personnel’s 
well-being 
during 
2025. 
The 
company’s 
human 
rights 
efforts 
included 
updating 
the 
company’s 
human 
rights 
action 
plan 
to 
prevent 
potential 
negative 
impacts 
on 
the 
well-being 
and 
safety 
of 
own 
workforce. 
Implementing 
the 
own 
work 
force-related 
action 
plans 
described 
here 
does 
not 
require 
major 
OpEx 
or 
CapEx. 
S1-5 
Targets 
related 
to 
managing 
material 
negative 
impacts, 
advancing 
positive 
impacts, 
and 
managing 
material 
risks 
and 
opportunities 
As 
part 
of 
Fingrid’s 
corporate 
responsibility 
ESG 
targets 
for 
2025–2030, 
the 
company 
monitors 
the 
score 
given 
to 
good 
leadership 
in 
the 
personnel 
survey 
and 
the 
eNPS 
score 
reflecting 
employee 
satisfaction. 
In 
addition, 
the 
combined 
lost 
time 
injury 
frequency 
(LTIF) 
for 
Fingrid’s 
own 
workforce 
and 
service 
providers 
is 
monitored 
as 
described 
in 
the 
disclosure 
requirement 
S1-14 
(Health 
and 
safety 
metrics). 
The 
target 
levels 
are 
determined 
on 
the 
basis 
of 
the 
outcomes 
of 
previous 
years. 
A 
base 
year 
has 
not 
been 
set, 
and 
stakeholders 
have 
not 
been 
directly 
engaged 
in 
setting 
the 
targets. 
The 
metrics 
and 
their 
targets 
and 
outcomes 
in 
the 
reporting 
year 
are 
presented 
in 
the 
next 
table. 
Targets 
set 
by 
Fingrid 
(2025–2030) 
Outturn 
2025 
Target 
2030 
Employee 
survey 
ratings 
'Good 
Management' 
4.3 
 
≥4.3 
Employee 
satisfaction 
eNPS 
recommendation 
willingness 
76 
>70 
Lost 
time 
injury 
frequency 
(LTIF) 
2.9 
<5 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
60 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
In 
2025, 
good 
leadership 
received 
a 
score 
of 
4.3 
(4.2) 
in 
the 
personnel 
survey. 
Employee 
satisfaction, 
measured 
with 
the 
eNPS 
index, 
was 
high, 
76 
(74). 
At 
Fingrid, 
the 
executive 
management 
group 
sets 
the 
targets 
related 
to 
own 
workforce. 
Fingrid’s 
own 
workforce 
has 
not 
been 
directly 
consulted 
when 
setting 
the 
targets. 
The 
implementation 
of 
the 
targets 
is 
monitored 
in 
the 
co-
operation 
and 
dialogue 
meetings 
together 
with 
shop 
stewards. 
Potential 
improvement 
actions 
are 
also 
planned 
together 
with 
shop 
stewards. 
S1-6 
Characteristics 
of 
the 
undertaking’s 
employees
The 
number 
of 
Fingrid’s 
employees 
has 
grown 
significantly 
in 
recent 
years. 
In 
2025, 
the 
number 
of 
employees 
was 
635 
(597). 
The 
characteristics 
of 
employees 
by 
gender, 
country 
and 
contract 
type 
are 
presented 
in 
the 
tables 
below. 
Employees 
in 
own 
workforce 
by 
gender 
(by 
head 
count) 
2025 
2024 
Female 
167 
161 
Male 
468 
436 
Other 
0 
0 
Not 
reported 
0 
0 
Employees 
in 
own 
workforce 
in 
total 
635 
597 
Employees 
in 
own 
workforce 
by 
region 
(by 
head 
count) 
2025 
2024 
Finland 
635 
597 
Other 
countries 
0 
0 
Employees 
in 
own 
workforce 
in 
total 
635 
597 
In 
the 
financial 
statements, 
the 
headcount 
is 
stated 
in 
the 
section 
4.1.8. 
2025 
Employees 
in 
own 
workforce 
by 
contract 
type 
Female 
Male 
Others*) 
Not 
reported 
Total 
Number 
of 
employees 
(head 
count 
/ 
full-time 
equivalent) 
167 
468 
0 
0 
635 
Number 
of 
permanent 
employees 
(head 
count 
/ 
full-time 
equivalent) 
141 
432 
0 
0 
573 
Number 
of 
temporary 
employees 
(head 
count 
/ 
full-time 
equivalent) 
26 
36 
0 
0 
62 
Number 
of 
non-guaranteed 
hours 
employees 
(head 
count 
/ 
full-time 
equivalent) 
16 
27 
0 
0 
43 
Number 
of 
full-time 
employees 
(head 
count 
/ 
full-time 
equivalent) 
148 
437 
0 
0 
585 
Number 
of 
part-time 
employees 
(head 
count 
/ 
full-time 
equivalent) 
3 
4 
0 
0 
7 
2024 
Employees 
in 
own 
workforce 
by 
contract 
type 
Female 
Male 
Others*) 
Not 
reported 
Total 
Number 
of 
employees 
(head 
count 
/ 
full-time 
equivalent) 
161 
436 
0 
0 
597 
Number 
of 
permanent 
employees 
(head 
count 
/ 
full-time 
equivalent) 
134 
400 
0 
0 
534 
Number 
of 
temporary 
employees 
(head 
count 
/ 
full-time 
equivalent) 
27 
36 
0 
0 
63 
Number 
of 
non-guaranteed 
hours 
employees 
(head 
count 
/ 
full-time 
equivalent) 
16 
17 
0 
0 
33 
Number 
of 
full-time 
employees 
(head 
count 
/ 
full-time 
equivalent) 
138 
410 
0 
0 
548 
Number 
of 
part-time 
employees 
(head 
count 
/ 
full-time 
equivalent) 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
61 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
7 
9 
0 
0 
16 
*Information 
is 
not 
available 
The 
number 
of 
employees 
who 
left 
the 
company 
in 
2025 
was 
22 
(16), 
and 
the 
rate 
of 
employee 
turnover 
was 
3.5 
(2.7) 
per 
cent. 
S1-7 
Characteristics 
of 
non-employees 
in 
the 
undertaking’s 
own 
workforce 
Fingrid 
buys 
services, 
such 
as 
cleaning, 
security 
and 
consulting 
services, 
from 
various 
service 
providers. 
If 
the 
persons 
working 
in 
these 
tasks 
spend 
the 
majority 
of 
their 
working 
time 
under 
Fingrid’s 
work 
guidance, 
they 
are 
included 
in 
the 
company’s 
own 
workforce 
as 
temporary 
workers. 
Fingrid’s 
own 
workforce 
did 
not 
include 
any 
self-
employed 
persons 
during 
the 
reporting 
year. 
Number 
of 
non-employees 
2025 
2024 
Head 
count 
7 
4 
S1-9 
Diversity 
metrics 
Gender 
distribution 
at 
top 
management 
2025 
2024 
Female 
(head 
count) 
6 
5 
Male 
(head 
count) 
8 
9 
Total 
14 
14 
Female 
(%) 
43 
36 
Male 
(%) 
57 
64 
In 
the 
table 
presented 
above, 
senior 
management 
includes 
the 
members 
of 
Fingrid 
Group’s 
Board 
of 
Directors 
and 
executive 
management 
group. 
The 
boards 
of 
directors 
or 
executive 
management 
groups 
of 
subsidiaries 
are 
not 
included 
in 
senior 
management. 
Age 
distribution 
amongst 
employees 
2025 
2024 
under 
30 
years 
old 
(head 
count) 
117 
105 
30–50 
years 
old 
(head 
count) 
356 
340 
over 
50 
years 
old 
(head 
count) 
162 
152 
Total 
635 
597 
under 
30 
years 
old 
(%) 
18 
18 
30–50 
years 
old 
(%) 
56 
57 
over 
50 
years 
old 
(%) 
26 
25 
S1-10 
Adequate 
wages 
All 
employees 
in 
Fingrid’s 
own 
workforce 
are 
paid 
appropriate 
and 
adequate 
wages 
based 
on 
the 
Finnish 
collective 
agreement 
system. 
Two 
different 
studies 
conducted 
in 
the 
energy 
sector 
are 
used 
for 
verifying 
the 
appropriateness 
of 
wages: 
a 
survey 
carried 
out 
among 
the 
Finnish 
Energy 
Industries’ 
members 
and 
an 
annual 
salary 
survey 
by 
Mercer. 
The 
results 
of 
both 
studies 
are 
reviewed 
in 
a 
co-operation 
and 
dialogue 
meeting 
together 
with 
the 
shop 
stewards. 
S1-14 
Health 
and 
safety 
metrics 
In 
2025, 
Fingrid’s 
own 
workforce 
did 
not 
sustain 
any 
lost 
-time 
workplace 
injuries 
(2024: 
0). 
In 
the 
value 
chain, 
Fingrid’s 
service 
providers 
sustained 
7 
(13) 
lost-time 
workplace 
injuries. 
The 
combined 
lost 
time 
injury 
frequency 
for 
Fingrid’s 
own 
workforce 
and 
service 
providers 
decreased 
from 
the 
previous 
year 
to 
2.9 
(4.8) 
lost 
-time 
workplace 
accidents 
per 
million 
hours 
worked. 
The 
target 
for 
the 
combined 
lost 
time 
injury 
frequency 
for 
Fingrid’s 
own 
workforce 
and 
service 
providers 
is 
less 
than 
five. 
Fingrid 
monitors 
this 
indicator 
as 
part 
of 
its 
corporate 
responsibility 
ESG 
targets 
for 
2025–2030 
as 
described 
in 
disclosure 
requirement 
S1-5 
(Targets 
related 
to 
managing 
material 
negative 
impacts, 
advancing 
positive 
impacts, 
and 
managing 
material 
risks 
and 
opportunities). 
Fingrid’s 
own 
workforce 
had 
1 
(5) 
recordable 
workplace 
injuries, 
and 
service 
providers’ 
personnel 
had 
28 
(34). 
The 
service 
providers’ 
and 
Fingrid’s 
combined 
total 
recordable 
injury 
frequency 
was 
12.0 
(14.5) 
recordable 
workplace 
injuries 
per 
million 
hours 
worked. 
Health 
and 
safety 
2025 
2024 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
62 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Percentage 
of 
people 
in 
own 
workforce 
who 
are 
covered 
by 
the 
health 
and 
safety 
management 
system 
(%) 
100 
100 
Number 
of 
fatalities 
as 
a 
result 
of 
work-related 
injuries 
and 
work-
related 
ill 
health 
 
Employees 
in 
own 
workforce 
0 
0 
 
Non-employees 
in 
own 
workforce 
0 
0 
Total 
0 
0 
Number 
of 
fatalities 
as 
a 
result 
of 
work-related 
injuries 
and 
work-
related 
ill 
health 
 
Other 
workers 
working 
on 
the 
company's 
sites, 
such 
as 
value 
chain 
workers 
0 
0 
Number 
of 
recordable 
work-related 
injuries 
 
Employees 
in 
own 
workforce 
1 
5 
 
Non-employees 
in 
own 
workforce 
0 
0 
Total 
1 
5 
 
Service 
providers 
28 
34 
Working 
hours 
 
Employees 
in 
own 
workforce 
940,238 
908,110 
 
Non-employees 
in 
own 
workforce 
7,474 
2,114 
Total 
947,712 
910,224 
 
Service 
providers 
1,472,917 
1,774,756 
Rate 
of 
recordable 
work-related 
injuries 
(TRIF) 
 
Own 
workforce 
1.1 
5.5 
 
Service 
providers 
19.0 
19.2 
 
Combined 
12.0 
14.5 
Number 
of 
work-related 
injuries 
resulting 
in 
lost 
time 
 
Employees 
in 
own 
workforce 
0 
0 
 
Non-employees 
in 
own 
workforce 
0 
0 
Total 
0 
0 
 
Service 
providers 
7 
13 
Rate 
of 
work-related 
injuries 
resulting 
in 
lost 
time 
(LTIF) 
 
Own 
workforce 
0 
0 
 
Service 
providers 
4.8 
7.3 
 
Combined 
2.9 
4.8 
Number 
of 
cases 
of 
occupational 
diseases 
 
Confirmed 
cases 
of 
occupational 
diseases 
in 
own 
workforce 
0 
0 
Number 
of 
days 
lost 
to 
work-related 
injuries 
and 
fatalities 
from 
work-related 
accidents, 
work-related 
ill 
health 
and 
fatalities 
from 
ill 
health 
 
Employees 
in 
own 
workforce 
0 
0 
 
Other 
own 
workforce 
0 
0 
Total 
0 
0 
S1-16 
Remuneration 
metrics 
(pay 
gap 
and 
total 
remuneration) 
The 
determination 
of 
wages 
at 
Fingrid 
is 
based 
on 
the 
classification 
of 
job 
qualifications, 
performance 
at 
work, 
and 
skills 
and 
experience. 
The 
aim 
is 
to 
prevent 
undue 
pay 
gaps 
by 
thorough 
determination 
of 
job 
demands. 
The 
annual 
total 
remuneration 
ratio 
of 
the 
highest 
paid 
individual 
in 
the 
undertaking 
to 
the 
median 
annual 
total 
remuneration 
for 
all 
employees 
was 
636 
(485) 
per 
cent 
in 
2025, 
and 
the 
gender 
pay 
gap 
was 
approximately 
7.2 
(7.4) 
per 
cent 
among 
permanent 
employees 
and 
3.7 
(0.1) 
per 
cent 
among 
temporary 
employees. 
Gender 
pay 
gap 
2025 
2024 
Level 
of 
average 
gross 
salary 
of 
female 
employees, 
permanent 
(EUR) 
77,089 
75,853 
Level 
of 
average 
gross 
salary 
of 
male 
employees, 
permanent 
(EUR) 
83,078 
81,928 
Gender 
pay 
gap, 
permanent 
(%) 
7.2 
7.4 
Level 
of 
average 
gross 
salary 
of 
female 
employees, 
temporary 
(EUR) 
28,680 
29,305 
Level 
of 
average 
gross 
salary 
of 
male 
employees, 
temporary 
(EUR) 
29,769 
29,328 
Gender 
pay 
gap, 
temporary 
(%) 
3.7 
0.1 
Total 
remuneration 
ratio 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
63 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
The 
annual 
total 
remuneration 
ratio 
of 
the 
highest 
paid 
individual 
(EUR) 
467,952 
356,409 
The 
median 
annual 
total 
remuneration 
for 
all 
employees 
(excluding 
the 
highest-paid 
individual) 
(EUR) 
73,587 
73,449 
Total 
remuneration 
ratio 
(%) 
636 
485 
The 
2024 
gender 
pay 
gap 
and 
total 
remuneration 
ratio 
figures 
have 
been 
revised 
and 
restated 
using 
a 
more 
accurate 
calculation 
method. 
Before 
restatement, 
the 
figures 
were 
as 
follows: 
the 
average 
gross 
salary 
of 
employees 
was 
EUR 
73,525 
for 
female 
employees 
and 
EUR 
80,345 
for 
male 
employees; 
the 
employees’ 
median 
annual 
total 
remuneration 
was 
EUR 
74,605; 
and 
the 
total 
remuneration 
ratio 
was 
478. 
The 
gender 
pay 
gap 
before 
restatement 
was 
8 
percent. 
S1-17 
Incidents, 
complaints 
and 
severe 
human 
rights 
impacts 
In 
2025, 
no 
experiences 
of 
discrimination 
were 
reported 
(2024: 
3). 
The 
company 
did 
not 
become 
aware 
of 
any 
severe 
human 
rights 
issues 
and 
incidents 
related 
to 
its 
own 
workforce. 
Incidents, 
complaints 
and 
severe 
human 
rights 
impacts 
2025 
2024 
Recorded 
incidents 
of 
discrimination, 
including 
harassment 
(total 
number 
of 
incidents) 
 
Incidents 
0 
3 
Complaints 
related 
to 
working 
conditions, 
equality, 
other 
labour 
rights 
or 
human 
rights 
reported 
through 
grievance 
mechanism 
channels 
(number 
of 
complaints) 
 
Complaints 
0 
0 
Total 
amount 
of 
fines, 
penalties, 
and 
compensation 
for 
damages 
paid 
for 
the 
reported 
incidents 
and 
complaints 
 
Fines, 
penalties, 
and 
compensation 
0 
0 
Human 
fights 
incidents 
(number 
of 
cases) 
 
The 
number 
of 
severe 
human 
rights 
incidents 
regarding 
own 
workforce 
0 
0 
Total 
amount 
of 
fines, 
penalties, 
and 
compensation 
for 
damages 
paid 
for 
human 
rights 
incidents 
 
Fines, 
penalties, 
and 
compensation 
0 
0 
ESRS 
S2 
– 
Workers 
in 
the 
value 
chain 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
value 
chain 
workers 
The 
impacts 
on 
value 
chain 
workers 
are 
related 
to 
Fingrid’s 
business 
model 
and 
strategy, 
which 
consider 
co-operation 
and 
the 
development 
of 
operations 
together 
with 
partners. 
Partners 
are 
responsible 
for, 
among 
other 
things, 
grid 
building 
and 
maintenance 
work. 
The 
input 
data 
for 
the 
double 
materiality 
assessment 
and 
workshops 
have 
helped 
ensure 
an 
understanding 
of 
how 
the 
identified 
impacts 
can 
be 
related 
to 
all 
value 
chain 
workers 
and 
how 
specific 
value 
chain 
workers 
can 
be 
more 
affected 
by 
a 
risk 
of 
negative 
impact 
than 
others, 
as 
described 
in 
the 
following. 
Fingrid’s 
value 
chain 
includes 
a 
number 
of 
contractors 
and 
suppliers. 
Material 
positive 
impacts 
arise 
especially 
in 
grid 
building 
worksites 
and 
maintenance 
when 
securing 
safe 
working 
conditions 
and 
reasonable 
employment 
contract 
policies. 
Key 
aspects 
in 
preventing 
negative 
human 
rights 
impacts 
in 
procurement 
include, 
for 
example, 
the 
safety 
of 
grid 
building 
and 
clearing 
workers 
and 
the 
working 
conditions 
and 
contract 
terms 
of 
foreign 
workforce. 
The 
same 
impacts 
are 
involved 
in 
– 
considering 
the 
level 
of 
the 
company’s 
control 
– 
international 
materials 
and 
equipment 
procurement, 
most 
of 
which 
is 
the 
responsibility 
of 
main 
contractors 
in 
Fingrid’s 
value 
chain. 
From 
the 
perspective 
of 
value 
chain 
workers 
and 
their 
human 
rights, 
procurement 
also 
involves 
risk 
sectors 
(e.g. 
the 
construction, 
forest, 
cleaning 
and 
extractive 
industries) 
and 
high 
human 
rights 
risk 
countries. 
These 
impacts 
and 
risks 
are 
managed 
through, 
among 
other 
things, 
the 
Supplier 
Code 
of 
Conduct 
and 
risk-based 
audits, 
as 
described 
in 
connection 
with 
disclosure 
requirements 
G1-1 
(Business 
conduct 
policies 
and 
corporate 
culture) 
and 
G1-2 
(Management 
of 
relationships 
with 
suppliers). 
The 
material 
negative 
impacts 
are 
related 
to 
individual 
incidents, 
and 
the 
company 
has 
not 
identified 
any 
risk 
of 
chil 
d 
labour 
or 
particularly 
significant 
forced 
labour. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
64 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
ESRS 
standard
Material 
topics
Impact
Financial 
impact
Identified 
impacts
Risks 
and 
opportunities
Fingrid’s 
policies 
for 
impacts, 
risks 
and 
opportunities 
management 
S2 
Workers 
in 
the 
value 
chain 
↑/↓Working 
conditions 
• 
Working 
time 
• 
Adequate 
wages 
• 
Health 
and 
safety 
• 
↑/↓Safe 
working 
conditions 
and 
reasonable 
contract 
policies 
for 
contractors 
and 
suppliers 
Practices 
and 
goals 
of 
Fingrid’s 
occupational 
health 
and 
safety 
management 
Occupational 
safety 
handbook 
Fingrid’s 
Supplier 
Code 
of 
Conduct 
Procurement 
policy 
↑ 
Positive 
impact 
/↓ 
Negative 
impact 
S2-1 
Policies 
related 
to 
value 
chain 
workers 
Key 
principles 
in 
the 
management 
of 
the 
impacts, 
risks 
and 
opportunities 
related 
to 
contractors 
and 
suppliers 
are 
the 
procurement 
policy, 
the 
corporate 
responsibility 
requirements 
for 
suppliers 
(Supplier 
Code 
of 
Conduct), 
Fingrid’s 
practices 
and 
goals 
in 
occupational 
health 
and 
safety, 
and 
the 
contract 
terms 
related 
to 
safety 
and 
subcontracting 
and 
the 
use 
of 
labour. 
The 
Supplier 
Code 
of 
Conduct 
and 
the 
practices 
and 
goals 
of 
occupational 
health 
and 
safety 
management 
are 
approved 
by 
the 
President 
and 
CEO. 
The 
contract 
terms 
related 
to 
safety 
and 
subcontracting 
and 
the 
use 
of 
labour 
are 
approved 
by 
the 
director 
in 
charge 
of 
grid 
building 
and 
maintenance. 
Fingrid’s 
human 
rights 
commitments 
as 
part 
of 
the 
company’s 
Code 
of 
Conduct 
and 
the 
corporate 
responsibility 
requirements 
for 
suppliers 
in 
the 
value 
chain 
are 
described 
in 
connection 
with 
disclosure 
requirement 
G1 
-1 
(Business 
conduct 
policies 
and 
corporate 
culture). 
Fingrid’s 
Supplier 
Code 
of 
Conduct 
explicitly 
prohibit 
human 
trafficking 
and 
the 
use 
of 
forced 
labour 
and 
child 
labour 
in 
relation 
to 
workers 
in 
the 
value 
chain. 
 
Fingrid’s 
Code 
of 
Conduct 
is 
in 
line 
with 
internationally 
recognised 
documents, 
as 
described 
in 
disclosure 
requirement 
G1-1 
(Business 
conduct 
policies 
and 
corporate 
culture). 
In 
2025, 
no 
incidents 
involving 
a 
breach 
of 
these 
principles 
in 
its 
up- 
or 
downstream 
value 
chain 
were 
reported 
to 
the 
company 
(2024: 
0). 
The 
application 
of 
the 
corporate 
responsibility 
requirements 
is 
described 
in 
connection 
with 
disclosure 
requirement 
G1-2 
(Management 
of 
relationships 
with 
suppliers). 
S2-2 
Processes 
for 
engaging 
with 
value 
chain 
workers 
about 
impacts 
Continuous 
dialogue 
with 
contractors 
and 
suppliers 
is 
pursued 
to 
ensure 
compliance 
with 
the 
company’s 
Code 
of 
Conduct, 
safe 
working 
conditions 
and 
reasonable 
contract 
policies. 
This 
includes 
risk-based 
audits 
on 
grid 
worksites 
in 
Finland 
and 
in 
the 
interna 
tional 
production 
facilities 
of 
equipment 
and 
materials 
suppliers. 
For 
worksite 
occupational 
safety, 
Fingrid 
maintains 
an 
occupational 
safety 
group 
for 
service 
providers, 
the 
objective 
of 
which 
is 
to 
promote 
occupational 
safety, 
share 
good 
practices 
and 
lessons 
learned, 
and 
address 
occupational 
safety 
approaches. 
In 
investment 
projects, 
occupational 
safety 
matters 
are 
addressed, 
among 
other 
things, 
in 
the 
kick 
-off 
meetings 
and 
worksite 
meetings 
of 
projects. 
Occupational 
safety 
is 
also 
ensured 
through 
worksite 
visits, 
training, 
safety 
meetings, 
reporting, 
and 
by 
collecting 
and 
investigating 
safety 
observations 
and 
near 
misses. 
The 
responsibility 
at 
Fingrid 
for 
the 
engagement 
described 
above 
and 
the 
consideration 
of 
the 
results 
lies 
with 
the 
director 
in 
charge 
of 
grid 
building 
and 
maintenance. 
S2-3 
Processes 
to 
remediate 
negative 
impacts 
and 
channels 
for 
value 
chain 
workers 
to 
raise 
concerns
Fingrid 
requires 
a 
high 
level 
of 
occupational 
safety 
and 
reasonable 
contract 
policies 
in 
investment 
projects 
and 
maintenance 
alike. 
Fingrid’s 
contract 
terms 
concerning 
safety 
are 
appended 
to 
all 
agreements. 
The 
occupational 
safety 
qualification 
requirements 
for 
service 
providers 
are 
described 
in 
the 
contract 
terms 
concerning 
safety. 
Service 
providers 
are 
provided 
with 
annual 
occupational 
safety 
training 
as 
needed, 
on 
topics 
such 
as 
electrical 
safety, 
occupati 
onal 
safety, 
and 
safety 
-related 
contract 
terms. 

65 
FINGRID 
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www.fingrid.fi 
3 
March 
2026 
Service 
providers 
can 
propose 
initiatives 
and 
give 
feedback 
on, 
among 
other 
things, 
occupational 
safety 
issues 
at 
joint 
meetings, 
through 
the 
HSEQ 
reporting 
system 
and 
in 
the 
suppliers’ 
occupational 
safety 
group. 
OHS 
topics 
are 
communicated 
on 
twice 
a 
year 
in 
the 
“Safety 
on 
the 
lines” 
magazine. 
Occupational 
safety 
briefings 
are 
also 
organised 
to 
review 
current 
issues 
and 
any 
accidents 
and 
near 
misses 
that 
have 
occurred 
and 
any 
reported 
safety 
observations. 
Accidents 
and 
near 
misses 
sustained 
by 
suppliers 
are 
investigated 
and 
lessons 
are 
learned 
from 
them. 
Responsibility 
for 
corrective 
action 
is 
allocated 
through 
the 
HSEQ 
reporting 
system. 
A 
Supplier 
Code 
of 
Conduct 
is 
implemented 
to 
ensure 
commitment 
to 
sustainable, 
responsible 
and 
ethical 
practices, 
including 
risk-based 
compliance 
monitoring 
in 
terms 
of 
both 
occupational 
safety 
and 
reasonable 
contract 
policies. 
The 
audits 
performed 
at 
worksites 
and 
in 
international 
goods 
procurement 
are 
addressed 
in 
connection 
with 
disclosure 
requirement 
G1-2 
(Management 
of 
relationships 
with 
suppliers). 
The 
confidential 
and 
independent 
reporting 
channel 
and 
the 
processing 
of 
reports 
are 
also 
described 
in 
connection 
with 
disclosure 
requirement 
G1-1 
(Business 
conduct 
policies 
and 
corporate 
culture). 
Safety 
observations 
can 
also 
be 
made 
anonymously. 
Fingrid 
does 
not 
assess 
the 
value 
chain 
workers’ 
awareness 
of 
and 
trust 
in 
the 
processes 
described 
above.
S2-4 
Taking 
action 
on 
material 
impacts 
on 
value 
chain 
workers, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
value 
chain 
workers, 
and 
effectiveness 
of 
those 
actions 
The 
occupational 
safety 
action 
plan 
describes 
the 
occupational 
safety 
development 
measures 
and 
priorities, 
the 
occupational 
safety 
metrics 
that 
should 
be 
given 
emphasis 
as 
well 
as 
their 
annual 
interim 
targets, 
for 
both 
own 
personnel 
and 
for 
suppliers. 
For 
suppliers, 
the 
action 
plan 
is 
approved 
in 
Fingrid’s 
internal 
occupational 
safety 
group. 
The 
workplace 
safety 
and 
working 
conditions 
of 
suppliers 
working 
at 
Fingrid’s 
worksites 
is 
ensured 
with 
measures 
such 
as 
regular 
worksite 
visits, 
management’s 
occupational 
safety 
rounds 
and 
sustainability 
audits. 
Service 
providers 
are 
required 
to 
provide 
an 
account 
of 
the 
arrangement 
of 
occupational 
healthcare 
services 
as 
stated 
in 
the 
Act 
on 
the 
Contractor’s 
Obligations 
and 
Liability 
when 
Work 
is 
Contracted 
Out. 
The 
occupational 
safety 
theme 
for 
Fingrid’s 
actions 
targeted 
at 
service 
providers 
in 
2025 
was 
‘aiming 
for 
zero 
accidents 
through 
professional 
competence’. 
The 
focal 
points 
were 
safe 
work 
at 
heights, 
safe 
conductor 
works, 
and 
induced 
voltage 
and 
electrical 
work 
safety. 
Fingrid 
provided 
service 
providers 
with 
electrical 
and 
occupational 
safety 
training, 
for 
example 
on 
the 
guidelines 
concerning 
operating 
and 
electrical 
work 
safety 
in 
the 
main 
grid. 
The 
company 
also 
regularly 
organised 
occupational 
safety 
briefings 
for 
suppliers 
about 
accidents, 
safety 
observations 
and 
near-miss 
situations 
that 
occurred 
on 
Fingrid’s 
worksites. 
The 
company’s 
work 
to 
improve 
occupational 
safety 
had 
an 
impact 
on 
the 
number 
of 
safety 
observations. 
The 
number 
of 
safety 
observations 
increased 
compared 
to 
the 
previous 
year. 
In 
2025, 
the 
number 
of 
safety 
observations 
made 
at 
Fingrid’s 
worksites 
was 
1,702 
(1,488). 
The 
identification 
of 
hazards 
in 
investment 
projects 
and 
maintenance 
and 
the 
assessment 
of 
risks 
is 
described 
in 
the 
contract 
terms 
concerning 
safety. 
The 
identification 
of 
hazards 
in 
investment 
projects 
and 
maintenance 
and 
the 
assessment 
of 
risks 
is 
divided 
as 
follows: 
preparing 
a 
safety 
document, 
risk 
assessment 
as 
part 
of 
the 
safety 
plan, 
assessments 
of 
the 
risks 
of 
the 
work 
and 
the 
safety 
planning 
carried 
out 
by 
the 
working 
group 
at 
the 
worksite. 
For 
shared 
workplaces, 
a 
document 
on 
hazards 
and 
adverse 
conditions 
is 
prepared 
instead 
of 
a 
safety 
document. 
Based 
on 
the 
risks, 
a 
third 
party 
is 
used 
in 
international 
procurements 
to 
ensure 
compliance 
with 
occupational 
safety 
standards 
and 
reasonable 
contract 
policies 
at 
the 
workplaces 
of 
Fingrid’s 
equipment 
and 
material 
suppliers. 
The 
prevention 
of 
negative 
impacts 
on 
value 
chain 
workers 
from 
Fingrid’s 
own 
actions, 
especially 
procurement, 
is 
additionally 
described 
in 
connection 
with 
disclosure 
requirements 
G1-1 
(Business 
conduct 
policies 
and 
corporate 
culture) 
and 
G1-2 
(Management 
of 
relationships 
with 
suppliers). 
Fingrid 
is 
not 
aware 
of 
any 
significant 
human 
rights 
violations 
in 
the 
upstream 
or 
downstream 
value 
chain 
in 
2025 
(2024: 
0). 
Implementing 
the 
actions 
related 
to 
value 
chain 
workers 
described 
here 
does 
not 
require 
major 
OpEx 
or 
CapEx. 
S2-5 
Targets 
related 
to 
managing 
material 
negative 
impacts, 
advancing 
positive 
impacts, 
and 
managing 
material 
risks 
and 
opportunities 
As 
part 
of 
the 
company’s 
set 
of 
corporate 
responsibility 
ESG 
targets 
for 
2025–2030, 
Fingrid 
tracks 
suppliers’ 
occupational 
safety 
performance 
through 
Fingrid’s 
and 
suppliers’ 
combined 
lost-time 
injuries 
frequency 
as 
described 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
66 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
in 
disclosure 
requirement 
S1-5 
(Targets 
related 
to 
managing 
material 
negative 
impacts, 
advancing 
positive 
impacts, 
and 
managing 
material 
risks 
and 
opportunities) 
and 
S1-14 
(Health 
and 
safety 
metrics). 
The 
value 
chain 
workers 
have 
not 
directly 
participated 
in 
setting, 
tracking 
or 
assessing 
the 
targets. 
ESRS 
S3 
– 
Affected 
communities 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
affected 
communities 
The 
company 
has 
identified 
a 
material 
risk 
related 
to 
affected 
communities, 
and 
specifically 
transmission 
line 
area 
landowners, 
due 
to 
Fingrid’s 
activity 
as 
a 
transmission 
system 
operator. 
This 
requires 
maintenance 
of 
the 
existing 
grid 
and 
additional 
grid 
building 
on 
land 
not 
owned 
by 
the 
company. 
One 
of 
the 
focal 
initiatives 
of 
the 
company’s 
strategy 
is 
fast, 
cost 
-effective 
and 
responsible 
construction. 
The 
input 
data 
for 
the 
double 
materiality 
assessment 
and 
workshops 
have 
helped 
ensure 
an 
understanding 
of 
all 
affected 
communities 
in 
own 
operations, 
along 
the 
value 
chain 
(e.g. 
suppliers’ 
production 
facilities) 
and 
at 
the 
end 
of 
the 
value 
chain 
(e.g. 
metal 
manufacture). 
Considering 
the 
level 
of 
the 
company’s 
control, 
key 
communities 
for 
Fingrid 
are 
the 
close 
neighbours 
of 
the 
transmission 
line 
areas 
and, 
among 
them, 
specifically 
those 
on 
whose 
land 
the 
grid 
structures 
are 
located. 
No 
specific 
landowners 
have 
been 
identified 
who 
may 
be 
at 
greater 
risk 
of 
harm 
than 
others; 
the 
risk 
is 
assessed 
to 
relate 
to 
all 
landowners 
in 
equal 
measure. 
The 
company 
has 
had 
no 
projects 
in 
the 
areas 
of 
the 
Indigenous 
Sami 
people 
in 
recent 
years. 
Landowners’ 
concerns 
are 
highlighted 
in 
new 
transmission 
line 
projects. 
Fingrid 
does 
not 
own 
the 
land 
and 
trees 
under 
the 
transmission 
lines; 
they 
remain 
the 
property 
of 
the 
landowners. 
General 
acceptance 
among 
landowners 
and 
close 
neighbours 
can 
be 
eroded 
by 
how 
the 
transmission 
line 
area 
restricts 
construction 
and 
changes 
the 
landscape. 
The 
fact 
that, 
in 
addition 
to 
Fingrid’s 
grid 
projects, 
landowners 
may 
also 
be 
affected 
by 
a 
number 
of 
other 
actors’ 
projects 
and 
different 
practices 
within 
the 
green 
transition, 
accentuates 
the 
experience 
of 
landowners 
and 
increases 
the 
complexity 
of 
the 
impacts 
on 
them. 
Landowners 
expect 
Fingrid 
to 
increase 
the 
compensation 
paid 
to 
them 
for 
compulsory 
purchases 
to 
reinforce 
their 
right 
to 
property. 
In 
addition, 
the 
company 
is 
expected 
to 
replace 
overhead 
lines 
through 
underground 
cables. 
However, 
the 
use 
of 
underground 
cables 
in 
the 
main 
grid 
is 
currently 
limited, 
for 
technical 
and 
economic 
reasons, 
to 
substation 
areas 
and 
urban 
areas 
when 
it 
is 
not 
possible 
to 
use 
overhead 
cables 
due 
to 
a 
lack 
of 
physical 
space. 
The 
risk 
is 
that 
general 
acceptance 
may 
erode 
among 
landowners. 
ESRS 
standard
Material 
topics
Impact
Financial 
impact
Identified 
impacts
Risks 
and 
opportunities
Fingrid’s 
policies 
for 
impacts, 
risks 
and 
opportunities 
management 
S3 
Affected 
communit
ies 
Communitie
s’ 
economic, 
social 
and 
cultural 
rights 
• 
Land-
related 
impacts 
• 
- 
Erosion 
of 
general 
acceptance 
among 
landowners 
and 
close 
neighbours 
(grid’s 
land 
-use 
restrictions 
and 
landscape 
changes 
and 
underground 
cable 
demands) 
Fingrid’s 
Code 
of 
Conduct 
Land 
use 
and 
environmental 
policy 
Communications 
policy 
+ 
Opportunity 
/ 
- 
Risk 
S3-1 
Policies 
related 
to 
affected 
communities
The 
land 
use 
and 
environmental 
policy 
approved 
by 
the 
company’s 
President 
& 
CEO 
covers, 
in 
addition 
to 
climate 
and 
environmental 
impact 
management, 
the 
consideration 
of 
landowners 
in 
grid 
planning, 
building 
and 
maintenance. 
In 
order 
to 
be 
able 
to 
build, 
operate 
and 
maintain 
a 
transmission 
line, 
Fingrid 
expropriates 
a 
right-of-use 
to 
the 
transmission 
line 
area 
from 
private 
landowners. 
The 
acquisition 
of 
land 
for 
substations 
and 
reserve 
power 
plants 
is 
primarily 
based 
on 
voluntary 
transactions. 
The 
policy 
is 
available 
on 
the 
company’s 
public 
website. 
Other 
key 
policies 
in 
the 
management 
of 
the 
impacts, 
risks 
and 
opportunities 
related 
to 
landowners 
and 
close 
neighbours 
of 
the 
grid 
include 
the 
communications 
policy 
approved 
by 
the 
President 
& 
CEO, 
and 
Fingrid’s 
Code 
of 
Conduct 
and 
the 
human 
rights 
commitment 
contained 
therein. 
The 
Code 
of 
Conduct 
is 
based 
on 
the 
United 
Nations 

67 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Global 
Compact 
initiative 
and 
the 
principles 
guiding 
business 
operations 
and 
human 
rights. 
No 
affected 
community-
related 
incidents 
involving 
non-respect 
of 
human 
rights 
principles 
have 
been 
reported 
to 
the 
company. 
S3-2 
Processes 
for 
engaging 
with 
affected 
communities 
about 
impacts 
Cooperation 
with 
landowners 
and 
neighbours 
living 
near 
grid 
transmission 
lines 
in 
new 
transmission 
line 
projects 
begins 
in 
the 
preliminary 
planning 
phase 
when 
assessing 
environmental 
impacts 
and 
opportunities 
to 
mitigate 
them. 
Through 
the 
statutory 
environmental 
impact 
assessment 
(the 
EIA 
procedure), 
landowners 
and 
other 
stakeholders 
receive 
information 
and 
can 
have 
a 
say 
in 
the 
project. 
Engaging 
these 
parties 
is 
very 
important 
in 
terms 
of 
ensuring 
that 
the 
transmission 
line 
adapts 
to 
the 
environment, 
taking 
into 
account 
various 
perspectives 
and 
stakeholders. 
In 
transmission 
line 
route 
selection, 
the 
company 
considers 
not 
only 
environmental 
data 
but 
also 
the 
feedback 
received 
from 
stakeholders. 
Fingrid 
goes 
beyond 
statutory 
requirements 
by 
informing 
the 
local 
communities 
about 
the 
EIA 
procedures 
of 
transmission 
line 
projects 
by 
means 
of 
landowner 
letters. 
In 
addition 
to 
statutory 
consultations, 
Fingrid 
has 
an 
electronic 
feedback 
system 
in 
place. 
The 
letters 
are 
supported 
by 
ads 
in 
local 
newspapers 
if 
necessary. 
The 
projects 
are 
also 
presented 
in 
public 
EIA 
events 
open 
to 
all. 
From 
the 
perspective 
of 
human 
rights 
impacts, 
the 
EIA 
procedure 
also 
considers 
human 
health, 
living 
conditions 
and 
amenity. 
People 
are 
concerned 
about 
the 
electromagnetic 
fields 
in 
the 
vicinity 
of 
transmission 
lines, 
concerning 
which 
Fingrid 
publishes 
up-to-date 
information 
and 
engages 
in 
dialogue 
with, 
for 
example, 
landowners 
in 
EIA 
procedures. 
After 
the 
environmental 
impact 
assessment 
phase, 
Fingrid 
engages 
with 
the 
landowners 
in 
person 
when 
the 
project 
advances 
to 
general 
planning 
and 
the 
location 
of 
the 
transmission 
line 
route 
and 
the 
locations 
of 
the 
transmission 
towers 
are 
known. 
The 
landowner 
may 
express 
their 
opinion 
on 
the 
planning 
solution 
or 
request 
a 
review. 
Grid 
transmission 
line 
projects 
are 
subject 
to 
the 
provisions 
of 
the 
Act 
on 
the 
Redemption 
of 
Immovable 
Property 
and 
Special 
Rights, 
under 
which 
an 
expropriation 
permit 
may 
be 
granted 
when 
the 
public 
need 
so 
requires. 
An 
expropriation 
permit 
is 
applied 
for 
from 
the 
government 
to 
establish 
a 
right 
of 
use 
to 
the 
transmission 
line 
area 
and 
to 
reduce 
the 
landowner’s 
rights 
of 
use. 
At 
the 
application 
stage, 
a 
landowner 
can 
give 
a 
statement 
on 
the 
expropriation 
permit 
application 
to 
the 
permit 
authority. 
Once 
the 
expropriation 
permit 
has 
been 
granted, 
the 
National 
Land 
Survey 
of 
Finland 
initiates 
an 
expropriation 
procedure, 
which 
is 
carried 
out 
by 
an 
independent 
expropriation 
committee. 
The 
landowners 
and 
the 
expropriation 
permit 
applicant, 
i.e. 
Fingrid, 
are 
parties 
to 
the 
procedure 
and 
all 
decisions 
are 
made 
by 
the 
independent 
expropriation 
committee 
after 
having 
consulted 
the 
parties. 
The 
owner 
of 
the 
expropriated 
property 
receives 
full 
compensation 
for 
their 
financial 
losses. 
During 
the 
maintenance 
phase, 
engagement 
with 
landowners 
continues 
in 
accordance 
with 
the 
company’s 
land 
use 
and 
environmental 
policy. 
Agreements 
are 
made 
beforehand 
on 
work 
and 
vegetation 
management 
performed 
on 
the 
landowners’ 
land, 
if 
necessary. 
The 
responsibility 
for 
the 
engagement 
and 
the 
consideration 
of 
the 
results 
lies 
with 
the 
director 
in 
charge 
of 
grid 
building 
and 
maintenance. 
S3-3 
Processes 
to 
remediate 
negative 
impacts 
and 
channels 
for 
affected 
communities 
to 
raise 
concerns 
Abnormal 
damage 
sustained 
by 
landowners 
is 
processed 
in 
the 
company 
using 
a 
similar 
process 
as 
for 
environmental 
damage. 
The 
investigation 
of 
potential 
negative 
impacts 
also 
involves 
co-operation 
with 
authorities 
as 
necessary. 
The 
statutory 
expropriation 
procedure 
ensures 
the 
remediation 
or 
compensation 
of 
negative 
impacts 
to 
landowners. 
The 
expropriation 
permit 
procedure 
also 
provides 
for 
the 
necessary 
provisions 
to 
mitigate 
significant 
adverse 
environmental 
impacts. 
Fingrid’s 
website 
contains 
a 
feedback 
form 
and 
a 
feedback 
system 
for 
construction 
projects 
for 
raising 
concerns. 
Landowners 
can 
also 
engage 
with 
Fingrid’s 
or 
the 
contractor’s 
contact 
persons, 
whose 
contact 
information 
is 
indicated 
in 
project 
communications. 
The 
confidential 
and 
independent 
reporting 
channel 
and 
the 
processing 
of 
reports 
are 
described 
in 
connection 
with 
disclosure 
requirement 
G1 
-1 
(Business 
conduct 
policies 
and 
corporate 
culture). 
Information 
on 
processes 
to 
remediate 
negative 
impacts 
and 
channels 
for 
raising 
concerns 
is 
shared 
beginning 
with 
the 
environmental 
impact 
assessment 
of 
projects. 
The 
affected 
communities’ 
awareness 
of 
these 
structures 
or 
processes 
is 
not 
separately 
assessed. 
In 
the 
expropriation 
phase, 
legislation 
requires 
that 
compensation 
matters 
be 
processed 
in 
any 
case, 
even 
if 
the 
landowner 
does 
not 
take 
initiative 
in 
the 
matter. 

 
 
 
 
 
 
 
 
 
 
 
 
 
68 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
S3-4 
Taking 
action 
on 
material 
impacts 
on 
affected 
communities, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
affected 
communities, 
and 
effectiveness 
of 
those 
actions 
Fingrid 
reduces 
the 
risk 
of 
erosion 
of 
general 
acceptance 
among 
landowners 
and 
close 
neighbours 
through 
environmental 
impact 
assessments 
that 
support 
transmission 
line 
route 
planning 
and 
through 
lifetime 
landowner 
dialogue 
and 
information. 
In 
addition, 
Fingrid 
offers 
financial 
support 
for 
managing 
the 
traditional 
rural 
biotopes 
located 
in 
transmission 
line 
areas 
and 
works 
to 
promote 
the 
utilisation 
of 
transmission 
line 
areas, 
which 
is 
addressed 
in 
connection 
with 
disclosure 
requirement 
E4-3 
(Actions 
and 
resources 
related 
to 
biodiversity 
and 
ecosystems). 
In 
2025, 
environmental 
impact 
assessments 
(EIAs) 
were 
underway 
on 
several 
transmission 
line 
projects. 
The 
extensive 
grid 
investment 
plan 
enabling 
the 
green 
transition 
will 
be 
directly 
reflected 
in 
the 
number 
of 
necessary 
environmental 
impact 
assessments 
also 
in 
the 
coming 
years. 
Landowners’ 
dissatisfaction 
with 
the 
compensation 
paid 
for 
expropriation 
has 
continued. 
Fingrid 
has 
increased 
its 
communications 
to 
landowners. 
The 
company 
has 
emphasised 
its 
official 
status 
as 
the 
party 
carrying 
out 
a 
task 
specified 
in 
the 
Electricity 
Market 
Act 
and 
the 
need 
for 
legislation 
to 
guarantee 
adequate 
compensation 
for 
landowners. 
The 
company 
has 
tracked 
the 
reform 
of 
expropriation 
legislation 
to 
reinforce 
constitutional 
protection 
of 
landowners' 
property 
rights. 
In 
2025, 
an 
amendment 
to 
the 
Expropriation 
Act 
improving 
the 
position 
of 
landowners 
came 
into 
effect, 
according 
to 
which, 
in 
expropriation 
proceedings, 
compensation 
for 
the 
property 
and 
for 
detriment 
payable 
to 
the 
landowner 
is 
increased 
by 
25 
percent. 
Implementing 
the 
actions 
described 
here 
does 
not 
require 
major 
OpEx 
or 
CapEx. 
The 
company 
is 
not 
aware 
of 
any 
severe 
human 
rights 
issues 
or 
incidents 
related 
to 
affected 
communities. 
S3-5 
Targets 
related 
to 
managing 
material 
negative 
impacts, 
advancing 
positive 
impacts, 
and 
managing 
material 
risks 
and 
opportunities 
As 
part 
of 
Fingrid’s 
corporate 
responsibility 
ESG 
targets 
for 
2025–2030, 
Fingrid 
tracks 
its 
general 
acceptance 
among 
landowners 
and 
close 
neighbours 
by 
measuring 
landowners’ 
satisfaction 
with 
the 
management 
of 
investment 
projects. 
Landowner 
surveys 
are 
conducted 
for 
the 
transmission 
line 
projects 
completed 
during 
the 
year. 
The 
survey 
is 
carried 
out 
by 
an 
independent 
third 
party 
who 
asks 
the 
concerned 
landowners 
directly 
to 
share 
their 
views. 
The 
target 
levels 
are 
determined 
on 
the 
basis 
of 
the 
outcomes 
of 
previous 
years. 
A 
base 
year 
has 
not 
been 
set, 
and 
the 
target-setting 
process 
did 
not 
involve 
direct 
engagement 
with 
landowners. 
The 
metric 
and 
its 
target 
and 
outcome 
in 
the 
reporting 
year 
are 
presented 
in 
the 
following 
table. 
In 
2025, 
surveys 
were 
conducted 
for 
four 
projects, 
and 
the 
average 
score 
given 
by 
landowners 
for 
the 
management 
of 
transmission 
line 
projects 
was 
3.8 
(3.6). 
As 
part 
of 
its 
corporate 
responsibility 
ESG 
targets, 
Fingrid 
also 
monitors 
the 
efficiency 
of 
the 
use 
of 
the 
transmission 
line 
areas 
in 
relation 
to 
the 
electricity 
transmitted, 
as 
described 
in 
disclosure 
requirement 
E4-4 
(Targets 
related 
to 
biodiversity 
and 
ecosystems). 
Targets 
set 
by 
Fingrid 
(2025–2030) 
 
Outturn 
2025 
Target 
2030 
Landowners' 
satisfaction 
with 
the 
management 
of 
investment 
projects 
(survey 
rating 
on 
a 
scale 
of 
1-5) 
3.8 
>4 
ESRS 
S4 
– 
Consumers 
and 
end-users 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
consumers 
and 
end-users 
Fingrid’s 
operations 
have 
significant 
impacts 
on 
the 
people 
who 
are 
the 
end-users 
of 
electricity, 
even 
though 
households 
are 
not 
the 
company’s 
direct 
customers. 
When 
assessing 
the 
topics 
in 
the 
ESRS 
standards, 
the 
material 
impacts 
of 
Fingrid’s 
business 
from 
the 
perspective 
of 
consumers 
and 
end-users 
focus 
on 
protecting 
consumers’ 
privacy 
and 
data 
protection 
in 
Fingrid 
Datahub’s 
activities. 
The 
centralised 
electricity 
information 
exchange 
system 
maintained 
by 
Fingrid 
Datahub 
processes 
large 
amounts 
of 
personal 
data 
related 
to 
electricity 
consumption. 
Fingrid 
must 
manage 
the 
risk 
of 
data 
breaches, 
which 
are 
managed 
through 
information 
security 
and 
data 
protection 
policies 
and 
measures 
related 
to 
the 
protection 
of 
personal 
data, 
as 
described 
in 
disclosure 
requi 
rements 
S4-1 
(Policies 
related 
to 
consumers 
and 
end-users) 
and 
S4-4 
(Taking 
action 
on 
material 
impacts 
on 
consumers 
and 
end-users). 
Fingrid 
has 
identified 
customer 
and 
stakeholder 
trust 
in 
Fingrid 
as 
a 
positive 
impact 
of 
these 
actions. 
The 
impacts 
on 
data 
described 
above 
are 
related 
to 
Fingrid’s 
business 
operations, 
and 
they 
are 
taken 
into 
account 
in 
the 
company’s 
strategy 
as 
part 
of 
overall 
security. 
The 
input 
data 
for 
the 
double 
materiality 
assessment 
and 
workshop 
work 
have 
helped 
ensure 
an 
understanding 
of 
how 
these 
identified 
impacts 
may 
relate 
equally 
to 
all 
consumers 
and 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
69 
FINGRID 
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3 
March 
2026 
end-users 
and 
how 
they 
may 
be 
limited 
to 
an 
individual 
case 
or 
be 
broader 
than 
this. 
No 
particularly 
affected 
groups 
have 
been 
identified. 
ESRS 
standard
Material 
topics
Impact
Financial 
impact
Identified 
impacts
Risks 
and 
opportunities
Fingrid’s 
policies 
for 
impacts, 
risks 
and 
opportunities 
management 
S4 
Consume
rs 
and 
end-users 
↓Information
-related 
impacts 
on 
consumers 
and/or 
end-
users 
• 
Privacy 
Entity-
specific 
topics 
• 
Protection 
of 
business 
critical 
and 
personal 
data 
• 
• 
↑Trust 
of 
customers 
and 
stakeholders 
↓Privacy 
and 
information 
security 
of 
consumers 
and 
security 
of 
Fingrid’s 
critical 
data 
-Paralysis 
of 
IT 
systems 
and 
loss 
of 
power 
system 
availability, 
and 
a 
leak 
of 
critical 
data, 
including 
Datahub 
user 
data 
Fingrid’s 
Code 
of 
Conduct 
Communications 
policy 
Information 
security 
policy 
Data 
policy 
Data 
protection 
policy 
Document 
management 
policy 
Company 
security 
policy 
↑ 
Positive 
impact 
/ 
↓ 
Negative 
impact 
/ 
+ 
Opportunity 
/ 
- 
Risk 
S4-1 
Policies 
related 
to 
consumers 
and 
end-users 
Policies 
approved 
by 
Fingrid’s 
President 
& 
CEO 
related 
to 
information 
security, 
data 
management, 
data 
protection 
and 
company 
security 
are 
central 
to 
managing 
the 
material 
impacts, 
risks 
and 
opportunities 
related 
to 
consumers 
and 
end-
users. 
The 
data 
in 
Fingrid 
Datahub 
is 
protected 
by 
appropriate 
technical 
and 
organisational 
measures. 
The 
privacy 
statements 
are 
available 
on 
Fingrid’s 
public 
website. 
Data 
protection 
risk 
management 
includes 
regular 
threat 
scenario 
rehearsals 
to 
secure 
personal 
data, 
among 
other 
things. 
Fingrid’s 
corporate 
safety 
& 
security 
arrangements 
are 
an 
integral 
aspect 
of 
the 
overall 
risk 
management. 
Corporate 
safety 
& 
security 
planning 
and 
actions 
are 
steered 
with 
the 
relevant 
policy 
and 
other 
guidelines. 
The 
related 
key 
areas 
include 
occupational 
safety, 
environment, 
safety 
& 
security 
of 
real 
estate, 
premises 
and 
personnel, 
safety 
of 
rescue 
operations, 
as 
well 
as 
the 
management 
of 
internal 
and 
external 
risks 
of 
misconduct 
and 
crime. 
Further 
guidance 
on 
the 
planning 
and 
continuous 
development 
of 
the 
various 
subareas 
of 
corporate 
safety 
& 
security 
is 
also 
provided 
in 
other 
policies, 
such 
as 
the 
information 
security 
policy, 
and 
the 
related 
specific 
guidelines. 
The 
management 
of 
Fingrid’s 
information 
security 
arrangements 
complies 
with 
the 
ISO 
27001 
standard. 
When 
processing 
personal 
data, 
data 
protection 
is 
ensured 
proactively 
and 
comprehensively 
for 
the 
total 
lifespan 
of 
the 
personal 
data. 
The 
processing 
of 
personal 
data 
is 
systematic, 
guided 
by 
instructions 
and 
documented, 
and 
complies 
with 
the 
EU’s 
General 
Data 
Protection 
Regulation 
and 
other 
legislation 
related 
to 
data 
protection. 
The 
principles 
described 
above 
cover 
all 
consumer 
and 
end-user 
groups 
where 
material. 
Fingrid’s 
human 
rights 
commitments 
relevant 
to 
consumers 
and 
end-users 
as 
part 
of 
the 
company’s 
Code 
of 
Conduct 
are 
described 
in 
connection 
with 
disclosure 
requirement 
G1-1 
(Business 
conduct 
policies 
and 
corporate 
culture). 
The 
Code 
of 
Conduct 
is 
aligned 
with 
internationally 
recognised 
documents. 
S4-2 
Processes 
for 
engaging 
with 
consumers 
and 
end 
-users 
about 
impacts 
Fingrid 
engages 
with 
consumers 
and 
end-users 
primarily 
via 
electronic 
means 
of 
communication. 
Fingrid’s 
public 
website 
and 
social 
media 
channels 
provide 
consumers 
and 
end-users 
with 
information 
about 
Fingrid’s 
grid 
and 
how 
the 
price 
of 
electricity 
is 
formed, 
as 
well 
as 
possible 
power 
disturbances. 
The 
price 
of 
electricity 
can 
also 
be 
monitored 

70 
FINGRID 
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www.fingrid.fi 
3 
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2026 
using 
Fingrid’s 
“Tuntihinta” 
(i.e. 
“Hourly 
Price”) 
mobile 
app, 
which 
can 
be 
used 
to 
send 
notifications 
of, 
for 
example, 
disruptions 
in 
the 
power 
system 
to 
consumers 
who 
use 
the 
app. 
Consumers 
are 
informed 
about 
electricity 
disturbances 
that 
may 
affect 
them 
in 
disturbance 
bulletins 
on 
Fingrid’s 
public 
website. 
The 
company 
also 
encourages 
consumers 
to 
prepare 
for 
possible 
power 
disturbances. 
The 
public 
website 
contains 
several 
guidelines 
particularly 
on 
electricity 
shortages. 
Fingrid’s 
Open 
Data 
online 
service 
offers 
electricity 
market 
participants 
and 
all 
interested 
parties 
information 
on 
Finland’s 
electricity 
system 
and 
the 
electricity 
market 
in 
digital 
format, 
freely 
and 
free 
-of-charge. 
 
In 
terms 
of 
Fingrid’s 
Datahub, 
end-users 
have 
the 
right 
to 
access 
information 
pertaining 
to 
them. 
Through 
a 
customer 
portal, 
end-users 
have 
the 
possibility 
to 
access 
information 
about 
them 
that 
is 
saved 
in 
the 
Datahub 
system. 
The 
customer 
portal 
contains 
information 
about 
the 
end 
consumer’s 
electricity 
contracts, 
the 
contract’s 
point 
of 
electricity 
consumption, 
consumption 
data 
for 
the 
point 
of 
consumption, 
customer 
information 
and 
authorisation 
information. 
Fingrid 
engages 
with 
its 
customers 
and 
other 
stakeholders 
in 
several 
different 
ways. 
Seminars 
and 
webinars 
are 
arranged 
for 
customers 
and 
stakeholders. 
The 
company 
also 
attends 
many 
trade 
fairs 
in 
order 
to 
engage 
with 
stakeholders. 
Fingrid 
publishes 
a 
customer 
magazine 
three 
times 
a 
year 
and 
a 
newsletter 
roughly 
once 
a 
month. 
Fingrid 
has 
three 
customer 
committees 
geared 
to 
developing 
customer 
activities: 
an 
advisory 
committee, 
a 
grid 
committee 
and 
a 
market 
committee. 
Regular 
dialogue 
with 
customers 
takes 
place 
through 
these 
committees. 
Fingrid 
also 
arranges 
one-on 
-one 
discussions 
with 
its 
customers 
annually. 
The 
goal 
is 
to 
better 
understand 
customers’ 
challenges 
and 
to 
collect 
ideas 
for 
furthering 
co-operation. 
Fingrid’s 
President 
& 
CEO 
is 
responsible 
for 
ensuring 
engagement. 
Fingrid 
has 
not 
identified 
particularly 
vulnerable 
groups 
among 
consumers 
and 
end-users. 
S4-3 
Processes 
to 
remediate 
negative 
impacts 
and 
channels 
for 
consumers 
and 
end-users 
to 
raise 
concerns 
Consumers 
and 
end-users 
may 
contact 
Fingrid 
in 
a 
range 
of 
matters. 
The 
feedback 
channels 
are 
disclosed 
on 
an 
aggregate 
basis 
on 
Fingrid’s 
public 
website. 
Consumers 
and 
end-users 
have 
the 
opportunity 
to 
report 
faults 
directly 
to 
the 
main 
grid 
control 
centre 
, 
a 
feedback 
service 
is 
available 
for 
construction 
-related 
projects, 
and 
general 
feedback 
can 
be 
submitted 
using 
a 
form 
on 
the 
public 
website. 
In 
addition, 
misconduct 
can 
be 
reported 
via 
a 
confidential 
and 
independent 
reporting 
channel, 
through 
which 
reports 
can 
also 
be 
submitted 
anonymously. 
This 
and 
the 
processing 
of 
whistleblower 
reports 
are 
discussed 
in 
connection 
with 
disclosure 
requirement 
G1-1 
(Business 
conduct 
policies 
and 
corporate 
culture). 
Fingrid 
Datahub’s 
end 
consumers 
are 
instructed 
on 
how 
to 
use 
the 
customer 
portal 
through 
extensive 
service 
descriptions 
and 
user 
manuals 
on 
Fingrid’s 
public 
website. 
End 
consumers 
have 
the 
opportunity 
to 
raise 
their 
concerns, 
needs 
and 
service 
development 
suggestions 
using 
the 
contact 
form 
in 
the 
customer 
portal. 
Contacts 
are 
processed 
by 
Fingrid 
Datahub’s 
customer 
service. 
Customer 
and 
stakeholder 
feedback 
is 
collected 
in 
all 
meetings 
and 
events. 
In 
addition 
to 
these, 
an 
annual 
customer 
satisfaction 
survey 
is 
conducted, 
giving 
customers 
the 
opportunity 
to 
rate 
Fingrid’s 
operations 
and 
services 
and 
also 
provide 
open 
feedback. 
There 
is 
a 
process 
for 
handling 
customer 
feedback 
and 
possible 
complaints 
to 
ensure 
they 
are 
addressed 
systematically. 
Feedback 
is 
used 
to 
improve 
Fingrid’s 
operations. 
Consumers’ 
and 
end-users’ 
awareness 
of 
the 
processes 
described 
here 
has 
not 
been 
separ 
ately 
assessed, 
however. 
S4-4 
Taking 
action 
on 
material 
impacts 
on 
consumers 
and 
end-users, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
consumers 
and 
end-users, 
and 
effectiveness 
of 
those 
actions 
Fingrid 
has 
increased 
communications 
aimed 
at 
consumers 
and 
end-users, 
including 
on 
the 
operation 
of 
the 
electricity 
system. 
To 
increase 
customers’ 
and 
stakeholders’ 
trust, 
Fingrid 
has 
raised 
its 
profile 
in 
mass 
media, 
giving 
numerous 
interviews 
about 
the 
power 
system, 
electricity 
market 
and 
energy 
transformation. 
Decision 
-makers 
and 
authorities 
have 
also 
been 
informed 
on 
issues 
related 
to 
the 
sufficiency 
of 
electricity 
and 
the 
functioning 
of 
the 
power 
system. 
 
Fingrid 
has 
strived 
to 
develop 
its 
customer 
activities 
such 
that 
customers 
would 
see 
Fingrid 
as 
a 
whole 
rather 
than 
separate 
services. 
The 
aim 
is 
not 
only 
to 
streamline 
customer 
service, 
but 
also 
to 
more 
easily 
implement 
the 
changes 
required 
by 
the 
transfo 
rmation 
of 
the 
energy 
system. 

 
 
 
 
 
 
 
 
 
 
 
 
 
71 
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2026 
Fingrid 
has 
created 
its 
own 
written 
guidelines 
on 
data 
protection, 
and 
data 
protection 
issues 
are 
also 
part 
of 
the 
online 
induction 
courses. 
In 
addition, 
targeted 
training 
and 
exercises 
have 
been 
held 
for 
people 
operating 
in 
different 
roles. 
The 
company’s 
data 
protection 
policy 
was 
updated 
in 
2025, 
and 
it 
was 
ensured 
that 
data 
protection 
is 
taken 
into 
consideration, 
e.g. 
in 
guidelines 
concerning 
the 
use 
of 
artificial 
intelligence. 
Data 
responsibility 
plays 
a 
key 
role 
in 
Fingrid’s 
information 
security 
and 
da 
ta 
protection 
operating 
models. 
 
Concerning 
information 
security, 
Fingrid 
was 
granted 
a 
certificate 
for 
compliance 
with 
ISO 
27001 
again 
in 
2025. 
The 
certificate 
demonstrates 
Fingrid’s 
commitment 
to 
continuously 
developing 
and 
maintaining 
information 
security. 
During 
the 
year, 
information 
security 
-related 
regulation 
increased 
through 
the 
cybersecurity 
directive 
(NIS2) 
and 
the 
Act 
on 
the 
Protection 
of 
Infrastructure 
Critical 
to 
Society 
and 
on 
the 
Improvement 
of 
Resilience 
(CER). 
Alongside 
the 
continuous 
development 
of 
personnel’s 
information 
security, 
key 
development 
areas 
included 
expanding 
identity 
and 
user 
management 
to 
security 
systems 
and 
adding 
automation 
to 
ensure 
higher 
-quality 
and 
faster 
processing 
of 
information 
security 
processes. 
The 
company’s 
previous 
principles 
for 
the 
use 
of 
artificial 
intelligence 
have 
been 
updated 
and 
now 
constitute 
Fingrid’s 
responsible 
and 
ethical 
use 
of 
artificial 
intelligence 
policy, 
which 
also 
takes 
into 
account 
the 
protection 
of 
human 
rights 
and 
the 
mitigation 
of 
environmental 
impacts. 
No 
significant 
human 
rights 
violations 
or 
incidents 
were 
detected 
in 
2025. 
Implementing 
the 
actions 
described 
here 
does 
not 
require 
major 
OpEx 
or 
CapEx. 
S4-5 
Targets 
related 
to 
managing 
material 
negative 
impacts, 
advancing 
positive 
impacts, 
and 
managing 
material 
risks 
and 
opportunities
As 
part 
of 
Fingrid’s 
corporate 
responsibility 
ESG 
targets 
for 
2025–2030, 
the 
company 
monitors 
the 
number 
of 
information 
security 
breach 
notifications 
related 
to 
personal 
data 
submitted 
to 
the 
supervisory 
authority. 
The 
metric 
and 
its 
target 
and 
outcome 
in 
the 
reporting 
year 
are 
presented 
in 
the 
following 
table. 
End-users 
and 
stakeholders 
have 
not 
been 
directly 
involved 
in 
setting 
the 
target, 
monitoring 
their 
implementation 
or 
identifying 
the 
lessons 
learned 
and 
improvements 
gained 
from 
them. 
The 
executive 
management 
group 
and 
Board 
of 
Directors 
regularly 
review 
the 
success 
of 
customer 
and 
stakeholder 
interaction 
and 
related 
measures. 
In 
2025, 
4 
(0) 
information 
security 
breach 
notifications 
were 
reported 
to 
the 
Data 
Protection 
Ombudsman. 
Targets 
set 
by 
Fingrid 
(2025–2030) 
Outturn 
2025 
Target 
2030 
The 
number 
of 
data 
breach 
notifications 
concerning 
personal 
data 
made 
to 
the 
supervisory 
authority 
4 
0 
Material 
entity-specific 
disclosures 
Fingrid 
has 
identified 
two 
material 
entity 
-specific 
topics. 
Securing 
Fingrid’s 
critical 
data 
has 
been 
identified 
as 
a 
material 
entity-specific 
topic 
related 
to 
standard 
S4 
(Consumers 
and 
end-users). 
Another 
identified 
material 
entity-
specific 
topic 
is 
syst 
em 
security. 
Protection 
of 
business 
critical 
and 
personal 
data 
Impacts 
related 
to 
the 
data 
privacy 
of 
consumers 
and/or 
end-users 
are 
addressed 
in 
standard 
S4 
(Consumers 
and 
end-users). 
Securing 
data 
that 
is 
business 
-critical 
for 
Fingrid 
(network 
models) 
and 
personal 
data 
has 
been 
identified 
as 
an 
entity 
-specific 
data-related 
topic 
as 
described 
in 
disclosure 
requirement 
S4 
SBM-3 
(Material 
impacts, 
risks 
and 
opportunities 
related 
to 
consumers 
and 
end-users). 
A 
risk 
that 
must 
be 
managed 
is 
the 
paralysis 
of 
IT 
systems 
and 
loss 
of 
power 
system 
availability, 
and 
a 
leak 
of 
critical 
data, 
including 
Fingrid 
Datahub’s 
user 
data. 
The 
key 
policies 
for 
managing 
the 
impacts, 
risks 
and 
opportunities 
related 
to 
securing 
data 
that 
is 
critical 
to 
Fingrid 
are 
described 
in 
connection 
with 
disclosure 
requirement 
S4-1 
(Policies 
related 
to 
consumers 
and 
end-users). 
The 
processes 
for 
engagement 
are 
described 
in 
disclosure 
requirement 
S4-2 
(Processes 
for 
engaging 
with 
consumers 
and 
end-users 
about 
impacts). 
The 
processes 
for 
remediating 
negative 
impacts 
and 
channels 
for 
raising 
concerns 
are 
described 
in 
disclosure 
requirement 
S4-3 
(Processes 
to 
remediate 
negative 
impacts 
and 
channels 
for 
consumers 
and 
end-users 
to 
raise 
concerns). 
Taking 
action 
on 
material 
impacts 
on 
consumers 
and 
end-users, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities, 
and 
the 
effectiveness 
of 
those 
actions 
are 
described 
in 
disclosure 
requirement 
S4-4 
(Taking 
action 
on 
material 
impacts 
on 
consumers 
and 
end-users, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
consumers 
and 
end-users, 
and 
effectiveness 
of 
those 
actions). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
72 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
As 
part 
of 
Fingrid’s 
corporate 
responsibility 
ESG 
targets 
for 
2025–2030, 
the 
company 
monitors 
the 
percentage 
of 
remediated 
critical 
information 
security 
vulnerabilities 
as 
a 
target 
related 
to 
managing 
material 
negative 
impacts, 
promoting 
positive 
impacts, 
and 
managing 
material 
risks 
and 
opportunities. 
The 
target 
level 
is 
determined 
on 
the 
basis 
of 
the 
outcomes 
of 
previous 
years, 
and 
no 
base 
year 
has 
been 
set 
for 
the 
target. 
The 
metric 
and 
its 
target 
and 
outcome 
in 
the 
reporting 
year 
(average 
of 
the 
last 
three 
months) 
are 
presented 
in 
the 
following 
table. 
In 
2025, 
the 
remediation 
of 
critical 
information 
security 
vulnerabilities 
was 
successful, 
reaching 
the 
set 
target. 
Targets 
set 
by 
Fingrid 
(2025–2030) 
Outturn 
2025 
Target 
2030 
Protection 
of 
business-critical 
information 
and 
personal 
data: 
Percentage 
of 
critical 
vulnerabilities 
remediated 
(%) 
92 
≥75 
System 
security 
ESRS 
standard
Material 
topics
Impact
Financial 
impact
Identified 
impacts
Risks 
and 
opportunities
Fingrid’s 
policies 
for 
impacts, 
risks 
and 
opportunities 
management 
- 
Entity-
specific 
topics 
• 
System 
security 
• 
• 
↑Reliable 
electricity 
for 
society 
and 
industry, 
and 
promoting 
Finland’s 
competitiveness 
- 
Loss 
of 
power 
regionally 
or 
nationwide 
(blackout) 
Principles 
for 
managing 
system 
security 
Reserve 
policy 
Balance 
service 
policy 
Contingency 
policy 
Reserve 
power 
plant 
management 
policy 
Company 
security 
policy 
↑ 
Positive 
impact 
/ 
↓ 
Negative 
impact 
/ 
+ 
Opportunity 
/ 
- 
Risk 
In 
Fingrid’s 
business 
operations, 
major 
positive 
impacts 
are 
related 
to 
the 
main 
grid’s 
high 
system 
security, 
the 
significance 
of 
which 
for 
overall 
societal 
security 
and 
the 
management 
of 
exceptional 
situations 
has 
increased 
due 
to 
the 
changed 
geopolitical 
security 
situation. 
The 
identified 
impact 
is 
reflected 
as 
reliable 
electricity 
for 
society 
and 
industry, 
and 
as 
promoting 
Finland’s 
competitiveness. 
A 
material 
risk 
that 
must 
be 
managed 
is 
a 
blackout 
in 
which 
electricity 
is 
not 
available 
regionally 
or, 
in 
the 
worst 
case, 
in 
all 
of 
Finland. 
An 
electricity 
outage 
caused 
by 
a 
serious 
disturbance 
has 
also 
been 
identified 
as 
a 
significant 
risk 
for 
the 
company. 
One 
of 
the 
company’s 
strategy-aligned 
projects 
is 
raising 
the 
preparedness 
level, 
the 
aim 
of 
which 
is 
to 
strengthen 
the 
reliability 
of 
the 
electricity 
system 
in 
crisis 
situations 
and 
ensure 
the 
continuity 
of 
critical 
infrastructure 
from 
the 
perspective 
of 
overall 
societal 
security. 
From 
the 
perspective 
of 
human 
rights 
impacts, 
electricity 
network 
structures 
and 
electricity 
transmission 
involve 
risks 
affecting 
people’s 
lives 
and 
health. 
By 
ensuring 
electricity 
transmission, 
Fingrid 
protects 
the 
fundamental 
right 
to 
life 
and 
health. 
Failure 
to 
carry 
out 
this 
task 
could 
have 
severe 
human 
rights 
implications 
for 
a 
large 
number 
of 
people. 
The 
key 
policies 
from 
the 
perspective 
of 
the 
main 
grid’s 
system 
security 
are 
the 
Board-approved 
principles 
for 
managing 
system 
security, 
and 
the 
policies 
approved 
by 
the 
President 
& 
CEO 
related 
to 
reserves, 
balance 
service, 
contingency 
and 
reserve 
power 
plant 
management. 
The 
aim 
of 
the 
principles 
for 
managing 
system 
security 
is 
to 
maintain 
the 
current 
sufficient 
level 
of 
system 
security 
in 
the 
main 
grid 
for 
customers 
and 
society. 
The 
greatest 
possible 
transmission 
capacity 
is 
made 
available 
to 
the 
electricity 
market 
without 
compromising 
the 
main 
grid’s 
system 
security. 
Fingrid’s 
asset 
management 
has 
been 
certified 
since 
2016 
according 
to 
the 
international 
ISO 
55001 
standard. 
In 
order 
to 
develop 
its 
practices, 
the 
company 
has 
participated 
since 
1995 
in 
the 
International 
Transmission 
Operations 
and 
Maintenance 
Study 
(ITOMS), 
which 
assesses 
the 
efficiency 
and 
quality 
of 
electricity 
transmission 
system 
operators’ 
maintenance 
activities. 
In 
terms 
of 
actions 
and 
resources, 
high 
system 
security 
is 
maintained 
through 
continuous 
preparation 
for 
failures, 
proactive 
operational 
planning, 
and 
constant 
operation 
control. 
Important 
information 
about 
disturbances 
is 
published 
as 
quickly 
as 
possible, 
and 
also 
analysed 
and 
reported 
on 
afterwards. 
Preparations 
for 
exceptional 
disturbance 
situations 
are 
made 
and 
action 
in 
such 
situations 
is 
regularly 
rehearsed. 
In 
2025, 
Fingrid 
participated 
in 
a 
NATO 
joint 
exercise 
aimed 
at 
improving 
energy 
security, 
resilience 
and 
co-operation 
in 
the 
energy 
sector. 
The 
focus 
of 
the 
exercise 
was 
on 
stress 
-testing 
operational 
and 
technological 
capabilities 
and 
addressing 
hybrid 
threats 
and 
environmental 
damage 
in 
the 
Arctic 
region. 

 
 
 
 
 
 
 
 
 
 
 
 
 
73 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
As 
part 
of 
its 
corporate 
responsibility 
ESG 
targets 
for 
2025–2030, 
Fingrid 
monitors 
the 
customer 
interruption 
cost 
(CIC). 
The 
target 
levels 
are 
determined 
on 
the 
basis 
of 
the 
outcomes 
of 
previous 
years. 
The 
metric 
and 
its 
annual 
target 
and 
outcome 
in 
the 
reporting 
year 
are 
presented 
in 
the 
following 
table. 
Targets 
set 
by 
Fingrid 
(2025–2030) 
Outturn 
2025 
Target 
2030 
Reliability: 
Impact 
caused 
by 
disruption 
interruptions, 
KAH 
(€) 
1,402,720 
<4 
M€ 
In 
2025, 
the 
estimated 
customer 
interruption 
cost 
(CIC) 
was 
EUR 
1.4 
(4.7) 
million. 
Preparation 
and 
calculation 
principles 
S 
standards 
Personnel 
data
 
is 
collected 
as 
the 
head 
count 
and 
includes 
all 
employees 
regardless 
of 
the 
percentage 
of 
their 
working 
time. 
In 
all 
personnel 
figures, 
the 
data 
corresponds 
to 
the 
personnel 
situation 
on 
the 
last 
day 
of 
the 
year, 
31 
December 
2025, 
for 
both 
the 
company’s 
own 
personnel 
and 
for 
non-employees 
who 
are 
in 
the 
company’s 
own 
workforce. 
Fingrid’s 
own 
workforce 
covered 
by 
the 
occupational 
health 
and 
safety 
management
system
 
is 
calculated 
as 
a 
relative 
percentage 
(%) 
of 
Fingrid’s 
entire 
personnel. 
The 
number 
of 
fatalities 
as 
a 
result 
of 
work-related 
injuries 
and 
work-related 
ill 
health
 
is 
the 
number 
of 
fatal 
workplace 
accidents 
that 
occurred 
to 
own 
personnel, 
non-employees, 
and 
value 
chain 
workers. 
Data 
on 
the 
number 
of 
fatalities 
as 
a 
result 
of 
work 
-related 
ill 
health 
is 
not 
available. 
The 
working 
hours 
of 
employees 
and 
non-employees
 
are 
reported 
based 
on 
actual 
hours 
worked. 
The 
working 
hours 
of 
service 
providers 
are 
reported 
as 
the 
number 
of 
working 
hours 
spent 
on 
the 
work 
and 
its 
planning, 
including 
the 
working 
hours 
of 
sub-suppliers. 
The 
total 
recordable 
injury 
frequency 
(TRIF)
 
is 
reported 
for 
own 
workforce 
and 
service 
providers, 
including 
sub-
suppliers. 
The 
TRIF 
is 
the 
number 
of 
accidents 
per 
million 
hours 
worked. 
The 
TRIF 
includes, 
in 
addition 
to 
the 
day 
of 
the 
accident, 
workplace 
accidents 
that 
resulted 
in 
at 
least 
one 
day’s 
absence, 
workplace 
accidents 
that 
required 
medical 
care, 
and 
workplace 
accidents 
that 
resulted 
in 
substitute 
work. 
A 
workplace 
accident 
that 
requires 
medical 
care 
does 
not 
result 
in 
the 
employee’s 
absence 
beyond 
the 
day 
of 
the 
accident, 
but 
does 
require 
medical 
care, 
for 
example, 
at 
a 
hospital 
or 
healthcare 
centre. 
A 
workplace 
accident 
that 
resulted 
in 
substitute 
work 
does 
not 
result 
in 
the 
employee’s 
absence 
beyond 
the 
day 
of 
the 
accident, 
but 
does 
result 
in 
at 
least 
one 
day 
of 
incapacity 
to 
carry 
out 
their 
work 
beyond 
the 
day 
of 
the 
accident. 
It 
thus 
does 
not 
result 
in 
sick 
leave, 
but 
the 
injured 
employee 
performs 
substitute 
work. 
The 
number 
of 
workplace 
accidents 
resulting 
in 
an 
absence
 
is 
the 
workplace 
accidents 
of 
own 
personnel, 
non-
employees, 
service 
providers 
and 
sub-suppliers 
resulting 
in 
at 
least 
one 
day 
of 
absence 
in 
addition 
to 
the 
day 
of 
the 
accident. 
The 
lost-time 
injury 
frequency 
(LTIF)
 
is 
the 
number 
of 
workplace 
accidents 
resulting 
in 
an 
absence 
per 
million 
hours 
worked. 
The 
LTIF 
is 
reported 
for 
own 
workforce 
and 
service 
providers, 
including 
sub-suppliers. 
The 
combined 
LTIF 
includes 
the 
working 
hours 
of 
Fingrid’s 
own 
workforce, 
service 
providers 
and 
sub 
-suppliers, 
and 
workplace 
accidents 
leading 
to 
absence. 
The 
number 
of 
occupational 
diseases
 
includes 
occupational 
diseases 
compensated 
by 
the 
insurance 
company 
during 
the 
year. 
The 
number 
of 
working 
days 
lost 
due 
to 
work-related 
injuries 
and 
fatalities
 
includes 
the 
number 
of 
working 
days 
lost 
for 
employees 
and 
other 
workforce, 
but 
the 
date 
of 
the 
accident 
is 
not 
counted. 
Data 
on 
the 
number 
of 
working 
days 
lost 
due 
to 
work-related 
ill 
health
 
is 
not 
available. 
System 
security 
is 
measured 
by 
the 
customer 
interruption 
cost 
(CIC). 
CIC 
is 
an 
estimate 
of 
the 
immediate 
financial 
damage 
caused 
to 
consumer 
-customers 
by 
power 
outages. 
It 
is 
calculated 
based 
on 
the 
number, 
duration 
and 
time 
of 
outages, 
as 
well 
as 
on 
the 
outage 
capacities 
and 
the 
unit 
prices 
of 
electricity 
during 
the 
outages. 
The 
transmission 
reliability 
rate’s 
CIC 
is 
calculated 
using 
the 
regulatory 
methods 
approved 
by 
the 
Energy 
Authority 
for 
the 
years 
2024–

74 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
2031. 
The 
CIC 
calculation 
is 
described 
in 
more 
detail 
in 
the 
section 
on 
regulatory 
methods, 
6.2.1 
The 
cost 
of 
power 
outages. 
Fingrid’s 
CIC 
metric 
uses 
the 
monetary 
value 
of 
the 
year 
2021. 
The 
remediation 
rate 
of 
critical 
information 
security 
vulnerabilities
 
is 
the 
number 
of 
remediated 
critical 
vulnerabilities 
during 
the 
review 
period 
divided 
by 
the 
total 
number 
of 
critical 
vulnerabilities 
during 
the 
review 
period. 
The 
review 
considers 
the 
percentage 
of 
critical 
information 
security 
vulnerabilities 
that 
has 
been 
remediated 
during 
the 
period 
in 
question. 
The 
period 
used 
by 
Fingrid 
is 
approximately 
3 
months. 
The 
severity 
classification 
of 
vulnerabilities 
is 
defined 
according 
to 
the 
internationa 
l 
Common 
Vulnerability 
Scoring 
System 
(CVSS) 
standard. 
1.12.4 
Governance 
information 
ESRS 
G1 
– 
Business 
conduct 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
business 
conduct 
From 
a 
business 
conduct 
perspective, 
the 
material 
positive 
impacts 
of 
Fingrid’s 
business 
operations 
are 
reflected 
in 
business 
operations 
and 
a 
corporate 
culture 
that 
are 
ethical, 
aligned 
with 
the 
company’s 
values 
and 
compliant 
with 
regulations. 
The 
impacts 
stem 
from 
the 
company’s 
strategy 
and 
business 
model, 
which 
is 
based 
on 
partnership. 
One 
controllable 
regulatory 
-related 
risk 
is 
non-compliance, 
which 
can 
surface 
in 
the 
form 
of 
disregard 
for 
sustainability 
requirements 
or 
other 
unprofessional 
behaviour. 
Regulation 
is 
increasingly 
influencing 
Fingrid’s 
operations 
and 
in 
many 
cases 
has 
become 
more 
unpredictable. 
This 
underscores 
the 
importance 
of 
risk 
management 
from 
the 
perspectives 
of 
both 
operating 
conditions 
and 
corporate 
financing. 
Regarding 
the 
company’s 
financial 
regulation, 
the 
Energy 
Authority 
has, 
in 
its 
decisions 
of 
29 
December 
2023, 
confirmed 
the 
regulatory 
methods 
applicable 
to 
the 
reasonableness 
of 
the 
pricing 
by 
electricity 
and 
natural 
gas 
network 
companies 
in 
2024–2031. 
On 
29 
January 
2024, 
Fingrid 
appealed 
to 
the 
Market 
Court 
against 
the 
Energy 
Authority’s 
decision 
on 
the 
methods 
concerning 
the 
specification 
of 
the 
profit 
for 
the 
electricity 
transmission 
grid 
operations. 
The 
Market 
Court 
issued 
its 
decision 
on 
21 
November 
2025, 
and 
dismissed 
Fingrid’s 
appeal 
in 
its 
entirety. 
The 
Energy 
Authority’s 
decision 
that 
was 
the 
subject 
of 
the 
appeal 
is, 
in 
Fingrid’s 
view, 
a 
significant 
deterioration 
of 
the 
regulatory 
methods 
that 
ended 
at 
the 
end 
of 
2023. 
The 
current 
regulatory 
methods 
decided 
by 
the 
Energy 
Authority 
weaken 
the 
company’s 
opportunities 
to 
develop 
the 
main 
grid 
in 
the 
future 
in 
such 
a 
way 
that 
Finland 
remains 
an 
attractive 
destination 
for 
investments 
in 
the 
green 
transition. 
The 
regulatory 
methods 
do 
not 
support 
Fingrid’s 
ability 
to 
implement 
the 
necessary 
preparedness 
measures 
in 
a 
weakened 
security 
situation, 
nor 
do 
they 
ensure 
the 
company 
a 
reasonable 
return 
in 
accordance 
with 
the 
Electricity 
Market 
Act. 
Fingrid 
filed 
an 
appeal 
against 
the 
Market 
Court’s 
decision 
on 
23 
December 
2025. 

75 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
G1-1 
Business 
conduct 
policies 
and 
corporate 
culture 
The 
foundation 
for 
all 
of 
Fingrid’s 
operations 
is 
ethical 
business 
operations 
and 
corporate 
culture 
in 
compliance 
with 
the 
values 
and 
regulations. 
The 
corporate 
culture 
is 
based 
on 
openness 
and 
the 
personnel’s 
strong 
commitment 
to 
the 
company’s 
values 
and 
Code 
of 
Conduct. 
Fingrid’s 
intent, 
in 
line 
with 
the 
company’s 
values, 
is 
an 
open, 
fair, 
efficient 
and 
responsible 
work 
community. 
The 
corporate 
culture 
has 
been 
built 
using 
various 
leadership 
approaches 
for 
several 
years 
now. 
The 
company’s 
Board 
of 
Directors 
approves 
the 
following 
material 
policies 
related 
to 
business 
conduct: 
Fingrid’s 
Code 
of 
Conduct, 
management 
principles, 
internal 
control 
and 
risk 
management 
principles, 
ensuring 
impartiality 
in 
preparing 
matters 
and 
decision-making, 
corporate 
finance 
principles, 
related 
-party 
principles 
and 
insider 
guidelines. 
The 
company’s 
President 
& 
CEO 
approves 
the 
following 
material 
policies 
related 
to 
business 
conduct: 
disclosure 
policy, 
treasury 
policy, 
Fingrid’s 
Supplier 
Code 
of 
Conduct, 
responsible 
and 
ethical 
use 
of 
AI 
policy, 
procurement 
policy 
and 
engagement 
policy. 
Fingrid’s 
main 
policies 
related 
to 
business 
conduct 
are 
the 
company’s 
Code 
of 
Conduct, 
management 
principles 
and 
internal 
control 
and 
risk 
management 
principles. 
Fingrid’s 
Code 
of 
Conduct 
is 
based 
on 
the 
United 
Nations 
Global 
Compact 
initiative 
and 
the 
principles 
guiding 
business 
operations 
and 
human 
rights. 
Appropriate 
due 
diligence 
is 
part 
of 
the 
application 
of 
Fingrid’s 
Code 
of 
Conduct. 
Fingrid 
signed 
the 
Global 
Compact 
initiative 
of 
the 
United 
Nations 
in 
2016. 
In 
2025, 
Fingrid 
committed 
to 
the 
recommend 
ations 
for 
good 
lobbying 
practice 
issued 
by 
the 
Advisory 
Board 
for 
the 
Finnish 
Transparency 
Register. 
The 
Code 
of 
Conduct 
also 
includes 
Fingrid’s 
human 
rights 
commitment 
and 
environmental 
precautionary 
principle. 
Fingrid’s 
Code 
of 
Conduct 
includes 
a 
prohibition 
on 
money 
laundering 
and 
corruption, 
such 
as 
extortion 
and 
bribery. 
The 
Code 
of 
Conduct 
and 
all 
of 
its 
values 
and 
commitments 
apply 
to 
every 
Fingrid 
business 
unit 
and, 
in 
turn, 
all 
Fingrid 
employees. 
In 
the 
company’s 
assessment, 
no 
business 
unit 
is 
more 
exposed 
to 
corruption 
and 
bribery 
than 
another. 
Fingrid’s 
managers 
and 
the 
entire 
work 
community 
ensure 
that 
behaviour 
is 
in 
line 
with 
the 
Code 
of 
Conduct. 
Online 
training 
in 
the 
Code 
of 
Conduct 
is 
also 
required 
for 
all 
personnel 
at 
the 
start 
of 
employment 
and 
regularly 
at 
least 
every 
three 
years 
and 
more 
frequently 
as 
needed. 
The 
Code 
of 
Conduct 
was 
updated 
in 
2024, 
and 
in 
early 
2025, 
all 
personnel 
were 
required 
to 
complete 
the 
updated 
online 
orientation. 
By 
31 
December 
2025, 
99 
percent 
of 
personnel 
had 
completed 
the 
updated 
online 
orientation. 
The 
contractors, 
service 
providers 
and 
goods 
suppliers 
who 
are 
Fingrid’s 
contractual 
partners 
are 
required 
to 
comply 
with 
separate 
corporate 
responsibility 
requirements 
or 
other 
similar, 
separately 
agreed 
requirements. 
The 

76 
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requirements 
cover 
issues 
such 
as 
business 
practices, 
human 
rights, 
labour 
rights, 
occupational 
safety, 
the 
environment, 
and 
anti-corruption 
in 
compliance 
with 
the 
Global 
Compact 
initiative. 
In 
addition, 
suppliers 
must 
ensure 
and 
oversee, 
as 
regards 
deliveries 
to 
Fingrid, 
that 
their 
own 
suppliers 
also 
comply 
with 
legislation 
and 
the 
agreed 
corporate 
responsibility 
requirements. 
Activities 
harming 
human 
rights 
are 
addressed 
in 
compliance 
with 
the 
company’s 
human 
rights 
commitment, 
including 
corrective 
action 
when 
needed. 
The 
Supplier 
Code 
of 
Conduct 
includes 
an 
auditing 
right, 
which 
is 
described 
in 
more 
detail 
in 
connection 
with 
the 
disclosure, 
G1-2 
(Management 
of 
relationships 
with 
suppliers). 
The 
Supplier 
Code 
of 
Conduct 
was 
updated 
in 
2024. 
Fingrid’s 
personnel 
and 
external 
stakeholders 
have 
access 
to 
several 
feedback 
and 
reporting 
channels. 
Personnel 
have 
been 
provided 
with 
instructions 
on 
their 
use 
on 
Fingrid’s 
public 
website, 
intranet 
and 
induction 
training 
course. 
Employees 
can 
report 
misconduct 
to 
their 
supervisor, 
management 
or 
HR 
department. 
To 
ensure 
responsible 
conduct, 
a 
confidential 
and 
independent 
reporting 
channel 
is 
in 
place 
where 
people 
can 
report 
misconduct 
anonymously 
or 
using 
their 
real 
name. 
The 
reporting, 
i.e. 
whistleblowing, 
channel 
is 
available 
to 
Fingrid’s 
personnel 
and 
all 
external 
stakeholders. 
The 
guidelines 
regarding 
reporting 
misconduct, 
the 
reporting 
channel 
and 
whistleblower 
protection 
comply 
with 
the 
provisions 
of 
the 
Finnish 
Act 
on 
the 
Protection 
of 
Individuals 
Reporting 
Violations 
of 
European 
Union 
and 
National 
Rights 
(the 
so-called 
Whistleblower 
Protection 
Act). 
All 
suspected 
breaches 
are 
investigated 
confidentially 
and 
professionally, 
and 
with 
guaranteed 
protection 
of 
privacy. 
It 
is 
moreover 
ensured 
that 
the 
whistleblower 
will 
not 
face 
negative 
consequences. 
Whistleblowing 
reports 
are 
handled 
by 
Fingrid’s 
designated 
Legal 
Counsel 
in 
charge 
of 
compliance, 
the 
director 
in 
charge 
of 
corporate 
responsibility 
and 
the 
CFO. 
If 
a 
report 
has 
been 
submitted 
with 
the 
whistleblower’s 
real 
name, 
the 
aforementioned 
party 
handling 
the 
report 
will 
ensure 
that 
the 
person’s 
data 
is 
processed 
in 
the 
manner 
required 
by 
law. 
If 
the 
report 
leads 
to 
whistleblower 
protection 
for 
the 
person, 
the 
parties 
handling 
the 
report 
will 
ensure 
that 
the 
person’s 
whistleblower 
protection 
is 
implemented 
together 
with 
the 
HR 
Director 
and 
HR 
Manager. 
In 
2025, 
the 
internal 
audit 
focused 
on 
the 
reporting 
channel 
and 
Fingrid’s 
other 
feedback 
channels. 
All 
personnel 
were 
reminded 
of 
the 
guidelines 
regarding 
the 
reporting 
channel, 
and 
targeted 
training 
was 
arranged 
for 
the 
personnel 
of 
different 
regional 
offices. 
G1-2 
Management 
of 
relationships 
with 
suppliers 
The 
Supplier 
Code 
of 
Conduct, 
which 
is 
mandatory 
for 
contractors 
and 
suppliers, 
is 
always 
applied 
to 
procurements 
worth 
at 
least 
EUR 
60,000 
and 
it 
is 
attached 
to, 
for 
example, 
service, 
material, 
equipment 
and 
ICT 
purchase 
agreements. 
In 
recurring 
procurements, 
such 
as 
in 
the 
supplier 
registers 
used 
for 
substations 
and 
transmission 
line 
procurements, 
a 
commitment 
to 
Fingrid’s 
Supplier 
Code 
of 
Conduct 
as 
part 
of 
the 
overall 
contract 
is 
a 
condition 
for 
being 
entered 
in 
the 
supplier 
register. 
In 
addition, 
contractual 
partners 
are 
required 
to 
commit 
to 
separate 
terms 
and 
conditions 
regarding 
the 
use 
of 
subcontracting 
and 
labour, 
safety 
and 
environmental 
matters. 
The 
above 
-mentioned 
contract 
terms 
are 
approved 
by 
the 
director 
in 
charge 
of 
grid 
building 
and 
maintenance. 
In 
2025, 
the 
contract 
terms 
regarding 
subcontracting 
and 
the 
use 
of 
labour 
were 
updated, 
and 
a 
new 
section 
was 
added 
to 
avoid 
long 
payment 
periods. 
Compliance 
with 
and 
implementation 
of 
the 
requirements 
described 
above 
are 
ensured 
through 
risk 
-based 
audits. 
If 
deviations 
are 
detected, 
their 
remediation 
is 
supported 
in 
co-operation 
with 
the 
suppliers. 
Worksite 
responsibility 
audits 
are 
used 
to 
verify 
contractors’ 
and 
service 
providers’ 
contractor 
obligations, 
occupational 
safety 
and 
environmental 
management. 
Audits 
are 
carried 
out 
by 
an 
independent 
auditor 
in 
projects 
involving 
the 
use 
of 
non-
Finnish 
workforce. 
The 
regional 
state 
administrative 
agency 
also 
performed 
inspections 
at 
substation 
and 
clearing 
worksites. 
The 
majority 
of 
the 
international 
procurement 
of 
goods 
is 
handled 
by 
Fingrid’s 
main 
contractors. 
Audits 
are 
performed 
with 
the 
help 
of 
a 
third 
party 
on 
both 
Fingrid’s 
direct 
contractual 
partners 
and 
their 
sub 
-suppliers, 
but 
also 
potential 
future 
material 
or 
equipment 
suppliers. 
Fingrid 
requires 
any 
audits 
to 
be 
carried 
out 
in 
co-operation 
with 
the 
supplier. 
Suppliers 
are 
obligated 
to 
remediate 
any 
breaches 
they 
commit 
within 
a 
timeframe 
agreed 
with 
Fingrid. 
In 
2025, 
10 
(10) 
sites 
were 
audited, 
ranging 
from 
investment 
project 
worksites 
to 
maintenance 
operations. 
In 
international 
goods 
sourcing, 
third-party 
supplier 
audits 
were 
carried 
out 
at 
14 
(13) 
production 
plants 
in 
a 
total 
of 
8 
(7) 
countries. 
An 
independe 
nt 
auditor 
performed 
4 
(4) 
audits 
concerning 
the 
use 
of 
non-Finnish 
workforce 
in 
projects 
and 
at 
clearing 
worksites. 
Because 
of 
the 
domestic 
nature 
of 
transmission 
grid 
operations 
and 
from 
the 
perspective 
of 
ensuring 
the 
grid’s 
system 
security, 
co-operation 
with 
contractual 
suppliers 
operating 
in 
Finland 
is 
important 
to 
Fingrid. 
In 
grid 
maintenance, 
response 
times 
for 
critical 
work 
are 
typically 
short, 
which 
is 
why 
the 
proportion 
of 
local 
labour 
in 
this 
work 
is 
high. 
Due 

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to 
the 
special 
expertise 
and 
equipment 
required 
by 
the 
investment 
projects, 
the 
impact 
on 
both 
regional 
and 
local 
employment 
is 
generally 
lower 
in 
these 
projects. 
Grid 
building 
takes 
place 
on 
a 
project 
basis, 
in 
separate 
substation 
and 
transmission 
line 
projects 
typically 
as 
turn-key 
contracts. 
The 
main 
contractor, 
acting 
in 
the 
role 
of 
Fingrid’s 
contractual 
partner, 
is 
in 
charge 
of 
the 
detailed 
design, 
the 
procurement 
of 
material 
and 
equipment 
as 
well 
as 
building 
and 
installations 
until 
commissioning. 
The 
main 
contractor 
on 
a 
specific 
project 
may 
have 
several 
subcontractors 
and 
must 
submit 
the 
most 
significant 
subcontractors 
for 
approval 
by 
Fingrid. 
Fingrid 
also 
directly 
procures 
various 
materials 
and 
equipment, 
such 
as 
reactors, 
transformers 
and 
conductors. 
The 
suitability 
and 
qualifications 
of 
the 
contractors 
and 
service 
providers 
carrying 
out 
grid 
construction 
and 
maintenance 
are 
verified 
primarily 
by 
means 
of 
separate 
supplier 
registers 
and 
shortlisting 
procedures. 
As 
stated 
above, 
contractual 
partners 
are 
required 
to 
commit 
to 
contractor 
obligations 
and 
separate 
company 
terms 
and 
conditions 
regarding 
the 
use 
of 
subcontracting 
and 
labour, 
occupational 
safety 
and 
environmental 
matters. 
To 
ensure 
the 
equal 
treatment 
of 
suppliers, 
purchasing 
personnel 
are 
trained 
in 
setting 
suitability 
and 
minimum 
requirements. 
Each 
person 
is 
required 
to 
identify 
and 
declare 
in 
writing 
any 
conflicts 
of 
interest 
before 
making 
a 
procurement 
decision. 
As 
part 
of 
the 
procurement 
process, 
regular 
checks 
are 
performed 
to 
ensure 
that 
the 
selected 
suppliers 
are 
not 
subject 
to 
mandatory 
or 
discretionary 
exclusion 
criteria 
based 
on 
the 
Act 
on 
Public 
Procurement 
and 
Concession 
Contracts 
for 
special 
sectors 
or 
international 
sanctions. 
In 
addition, 
reviews 
in 
accordance 
with 
the 
Act 
on 
the 
Contractor’s 
Obligations 
and 
Liability 
when 
Work 
is 
Contracted 
Out 
are 
carried 
out 
at 
the 
latest 
before 
the 
contract 
is 
signed. 
All 
the 
reviews 
must 
be 
passed 
in 
order 
for 
a 
contract 
to 
arise. 
Training 
in 
public 
procurements 
is 
broadly 
provided 
to 
all 
personnel 
every 
autumn. 
The 
2025 
training 
covered 
regulations 
related 
to 
public 
procurement, 
with 
a 
particular 
focus 
on 
sustainability 
regulations 
and 
product 
regulations. 
It 
provided 
staff 
with 
a 
comprehensive 
understanding 
of 
how 
sustainability 
requirements 
and 
regulations 
affect 
procurement 
processes 
and 
the 
lifecycle 
of 
contracts. 
In 
addition, 
the 
training 
covered 
the 
negotiation 
procedure 
under 
the 
Act 
on 
Public 
Procurement 
and 
Concession 
Contracts 
for 
special 
sectors 
and 
situations 
involving 
changes 
during 
the 
contract 
period. 
Continuous 
dialogue 
is 
sought 
with 
contractors 
and 
suppliers 
in 
accordance 
with 
the 
company’s 
due 
diligence 
process. 
Fingrid’s 
project 
managers 
are 
given 
training 
in 
interaction 
skills 
and 
project 
teamwork. 
Some 
employees 
are 
also 
trained 
in 
managing 
challenging 
situations 
with 
customers 
or 
suppliers. 
In 
large 
investment 
projects, 
the 
project 
managers 
engage 
in 
close 
dialogue 
with 
suppliers. 
In 
the 
most 
significant 
and 
strategic 
projects, 
a 
joint 
steering 
group 
is 
formed 
together 
with 
the 
supplier. 
Besides 
project 
implementation, 
the 
steering 
groups 
hold 
a 
dialogue 
on 
suppliers’ 
opportunities, 
for 
example, 
to 
reduce 
emissions 
and 
promote 
sustainability 
matters 
in 
their 
value 
chains. 
Fingrid 
and 
maintenance 
suppliers 
organise 
annual 
quality 
meetings 
in 
which 
sustainability 
topics, 
among 
other 
things, 
are 
addressed. 
Fingrid 
also 
arranges 
a 
Main 
Grid 
Service 
Day 
for 
suppliers 
every 
18 
months 
to 
discuss 
topical 
issues. 
G1-3 
Prevention 
and 
detection 
of 
corruption 
and 
bribery 
Every 
Fingrid 
employee 
is 
obligated 
to 
identify 
and 
report 
non-compliance, 
risks 
or 
control 
shortcomings 
they 
observe. 
Fingrid 
encourages 
all 
conduct 
or 
suspected 
conduct 
that 
goes 
against 
the 
Code 
of 
Conduct 
or 
Whistleblower 
Protection 
Act 
to 
be 
reported. 
The 
company 
is 
committed 
to 
fairly 
investigate 
all 
reports 
that 
are 
made 
in 
good 
faith 
and 
to 
implement 
the 
necessary 
measures 
based 
on 
the 
investigation 
and 
its 
outcome. 
These 
commitments 
are 
confirmed 
in 
the 
company’s 
whistleblowing 
guidelines, 
which 
meets 
the 
requirements 
of 
the 
EU 
Whistleblower 
Protection 
Directive. 
The 
processing, 
managing, 
decision 
-making 
and 
reporting 
of 
whistleblowing 
reports 
are 
discussed 
in 
connection 
with 
disclosure 
requirement 
G1 
-1 
(Business 
conduct 
policies 
and 
corporate 
culture). 
Similar 
commitments 
are 
also 
required 
of 
contractors 
and 
suppliers 
as 
part 
of 
the 
Supplier 
Code 
of 
Conduct 
they 
are 
required 
to 
comply 
with. 
Fingrid’s 
Code 
of 
Conduct 
and 
Supplier 
Code 
of 
Conduct 
can 
be 
found 
on 
Fingrid’s 
public 
website. 
Fingrid 
provides 
information 
about 
feedback 
and 
reporting 
channels 
on 
its 
public 
website, 
and 
personnel 
have 
been 
instructed 
on 
how 
to 
use 
them 
on 
Fingrid’s 
internal 
website 
and 
induction 
materials. 
The 
Board 
of 
Directors 
receives 
training 
on 
the 
prevention 
and 
detection 
of 
corruption 
and 
bribery 
in 
connection 
with 
the 
approval 
of 
the 
company’s 
Code 
of 
Conduct. 
All 
Fingrid 
employees 
are 
trained 
in 
anti-corruptio 
n 
and 
anti-bribery 
as 
part 
of 
the 
mandatory 
online 
induction 
course 

 
 
 
 
 
 
 
 
 
 
 
 
 
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on 
the 
Code 
of 
Conduct, 
and 
also 
separately 
as 
needed, 
as 
described 
in 
more 
detail 
in 
disclosure 
requirement 
G1-1 
(Business 
conduct 
policies 
and 
corporate 
culture). 
Reports 
related 
to 
allegations 
or 
incidents 
of 
corruption 
and 
bribery 
received 
through 
the 
reporting 
channel 
are 
reported 
to 
Fingrid’s 
Board 
of 
Directors 
and 
Audit 
Committee 
regularly 
and 
in 
connection 
with 
sustainability 
reporting, 
and 
immediately 
whenever 
the 
situation 
requires 
it, 
and 
otherwise 
as 
needed. 
In 
addition, 
Fingrid’s 
executive 
management 
group 
is 
always 
informed 
about 
reports 
that 
have 
been 
received 
when 
the 
executive 
management 
group 
is 
required 
to 
appoint 
experts 
to 
investigate 
a 
report 
and 
otherwise 
as 
needed. 
In 
2025, 
Fingrid 
received 
three 
reports 
through 
the 
whistleblowing 
channel. 
They 
did 
not 
involve 
suspected 
misconduct. 
Key 
means 
for 
the 
prevention 
of 
corruption 
and 
bribery 
- 
Training 
courses 
and 
the 
reporting 
channel 
related 
to 
the 
prevention 
of 
corruption 
and 
bribery 
are 
discussed 
in 
connection 
with 
disclosure 
requirement 
G1-1 
(Business 
conduct 
policies 
and 
corporate 
culture). 
- 
In 
all 
procurements 
over 
EUR 
60,000, 
reviews 
of 
contracts 
and 
other 
commitments 
concerning 
the 
supplier 
are 
required 
before 
the 
contract 
is 
signed, 
including, 
among 
other 
things, 
identifying 
any 
conflicts 
of 
interest 
of 
the 
person 
making 
the 
purchase. 
- 
Ensuring 
appropriate 
due 
diligence, 
which 
is 
also 
required 
in 
the 
company’s 
Code 
of 
Conduct 
and 
Fingrid’s 
Supplier 
Code 
of 
Conduct. 
- 
Continuously 
developing 
and 
taking 
into 
account 
ethics, 
due 
diligence 
and 
responsibility 
requirements 
in 
procurements 
and 
throughout 
the 
value 
chain. 
G1-4 
Incidents 
of 
corruption 
or 
bribery 
As 
part 
of 
its 
corporate 
responsibility 
ESG 
targets 
for 
2025–2030, 
Fingrid 
monitors 
the 
number 
of 
corruption 
or 
bribery 
cases. 
This 
target 
set 
for 
a 
material 
sustainability 
matter 
is 
defined 
by 
the 
company’s 
management 
and 
is 
based 
on 
voluntary 
participation, 
and 
stakeholders 
have 
not 
been 
directly 
involved 
in 
setting 
it. 
Not 
all 
of 
the 
information 
on 
the 
target 
and 
its 
metric 
that 
is 
required 
under 
the 
standards’ 
minimum 
disclosure 
requirements 
is 
available 
for 
disclosure. 
The 
metric 
and 
its 
target 
and 
outcome 
in 
the 
reporting 
year 
are 
presented 
in 
the 
following 
table. 
Targets 
set 
by 
Fingrid 
(2025–2030) 
Outturn 
2025 
Target 
2030 
Confirmed 
cases 
of 
corruption 
or 
bribery 
0 
0 
In 
2025, 
the 
company 
was 
not 
made 
aware 
of 
any 
(2024: 
0) 
confirmed 
cases 
or 
convictions 
related 
to 
bribery 
or 
corruption, 
and 
no 
fines 
(2024: 
0) 
related 
to 
bribery 
or 
corruption 
were 
imposed 
on 
the 
company. 
Since 
there 
were 
no 
confirmed 
cases, 
the 
company 
also 
did 
not 
implement 
any 
anti-corruption 
and 
anti-bribery 
measures 
to 
address 
norm 
violations. 
Fingrid 
does 
not 
provide 
any 
direct 
or 
indirect 
support, 
including 
non-monetary 
support, 
to 
political 
activities. 
The 
implementation 
of 
responsible 
practices 
is 
also 
tracked 
through 
a 
personnel 
survey, 
which 
is 
used 
to 
determine 
personnel’s 
view 
on 
the 
level 
of 
compliance 
with 
responsible 
practices. 
In 
the 
2025 
survey, 
employees 
gave 
a 
score 
of 
4.5 
(4.4) 
on 
a 
scale 
of 
1–5 
to 
the 
question 
of 
how 
well 
Fingrid 
employees 
comply 
with 
responsible 
practices. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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1.12.5 
Appendices 
to 
the 
sustainability 
statement 
Appendix 
1 
Content 
index 
Standard 
Disclosure 
requirement 
(DR) 
Sections 
of 
the 
sustainability 
statement 
ESRS 
2 
ESRS 
2 
BP-1 
BP-1 
General 
basis 
for 
preparation 
of 
sustainability 
statements 
ESRS 
2 
BP-2 
BP-2 
Disclosures 
in 
relation 
to 
specific 
circumstances 
ESRS 
2 
GOV-1 
GOV–1 
The 
role 
of 
the 
administrative, 
management 
and 
supervisory 
bodies 
ESRS 
2 
GOV-2 
GOV-2 
Information 
provided 
to 
and 
sustainability 
matters 
addressed 
by 
the 
undertaking’s 
administrative, 
management 
and 
supervisory 
bodies 
GOV–3 
Integration 
of 
sustainability-related 
performance 
in 
incentive 
schemes 
ESRS 
2 
GOV-3 
GOV–3 
Integration 
of 
sustainability-related 
performance 
in 
incentive 
schemes 
ESRS 
2 
GOV-4 
GOV-4 
Statement 
on 
due 
diligence 
ESRS 
2 
GOV-5 
GOV-5 
Risk 
management 
and 
internal 
controls 
over 
sustainability 
reporting 
ESRS 
2 
SBM-1 
SBM–1 
Strategy, 
business 
model 
and 
value 
chain 
S1-6 
Characteristics 
of 
the 
undertaking’s 
employees 
ESRS 
2 
SBM-2 
SBM-2 
Interests 
and 
views 
of 
stakeholders 
ESRS 
2 
SBM-3 
SBM-3 
Material 
impacts, 
risks 
and 
opportunities 
and 
their 
interaction 
with 
strategy 
and 
business 
model 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
climate 
change 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
biodiversity 
and 
ecosystems 
E4-5 
Impact 
metrics 
related 
to 
biodiversity 
and 
ecosystems 
change 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
resource 
use 
and 
circular 
economy 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
own 
workforce 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
value 
chain 
workers 
G1-1 
Business 
conduct 
policies 
and 
corporate 
culture 
G1-2 
Management 
of 
relationships 
with 
suppliers 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
affected 
communities 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
consumers 
and 
end-users 
S4-1 
Policies 
related 
to 
consumers 
and 
end-users 
S4-4 
(Taking 
action 
on 
material 
impacts 
on 
consumers 
and 
end-users) 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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March 
2026 
Standard 
Disclosure 
requirement 
(DR) 
Sections 
of 
the 
sustainability 
statement 
Entity-specific 
material 
disclosures 
(Protection 
of 
business 
critical 
and 
personal 
data 
and 
System 
security) 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
business 
conduct 
ESRS 
2 
IRO-1 
IRO-1 
Description 
of 
the 
processes 
to 
identify 
and 
assess 
material 
impacts, 
risks 
and 
opportunities 
E1 
IRO-1 
Description 
of 
the 
processes 
to 
identify 
and 
assess 
material 
climate-related 
impacts, 
risks 
and 
opportunities 
E1-4 
Targets 
related 
to 
climate 
change 
mitigation 
and 
adaptation 
and 
E1-6 
Gross 
Scopes 
1, 
2, 
3 
and 
Total 
GHG 
emissions 
SBM-3 
Material 
impacts, 
risks 
and 
opportunities 
and 
their 
interaction 
with 
strategy 
and 
business 
model 
ESRS 
2 
IRO-2 
IRO-2 
Disclosure 
requirements 
in 
ESRS 
covered 
by 
the 
undertaking’s 
sustainability 
statement 
ESRS 
2 
MDR-P 
The 
policies 
adopted 
to 
manage 
material 
sustainability 
matters 
are 
addressed 
in 
connection 
with 
the 
topic-specific 
standards, 
taking 
into 
account 
the 
minimum 
disclosure 
requirements. 
Climate 
change 
E1-2, 
Biodiversity 
E4-2, 
Resource 
use 
and 
circular 
economy 
E5-1, 
Own 
workforce 
S1-1, 
Workers 
in 
the 
value 
chain 
S2-1, 
Consumers 
and 
end-users 
S4-1, 
Entity-
specific 
material 
disclosures, 
Business 
conduct 
G1-1 
ESRS 
2 
MDR-A 
The 
actions 
and 
resources 
related 
to 
material 
sustainability 
matters 
are 
addressed 
in 
connection 
with 
the 
topic-specific 
standards, 
taking 
into 
account 
the 
minimum 
disclosure 
requirements. 
Implementing 
the 
action 
plans 
presented 
in 
the 
sustainability 
statement 
does 
not 
require 
significant 
operational 
expenditure 
and/or 
capital 
expenditure, 
with 
the 
exception 
of 
climate 
change 
mitigation. 
Climate 
change 
E1-3, 
Biodiversity 
E4-3, 
Resource 
use 
and 
circular 
economy 
E5-2, 
Own 
workforce 
S1-4, 
Workers 
in 
the 
value 
chain 
S2-4, 
Consumers 
and 
end-users 
S4-4, 
Entity-
specific 
material 
disclosures 
(system 
security), 
Business 
conduct 
G1-1 
and 
Management 
of 
relationships 
with 
suppliers 
G1-2 
ESRS 
2 
MDR-M 
The 
metrics 
are 
addressed 
in 
connection 
with 
the 
topical 
standards, 
taking 
into 
consideration 
the 
minimum 
disclosure 
requirements, 
methods 
and 
significant 
assumptions 
behind 
the 
metric 
(Preparation 
and 
calculation 
principles 
E1, 
E4, 
E5, 
S 
[Entity-specific 
material 
disclosures]). 
The 
measurements 
of 
the 
metrics 
have 
not 
been 
validated 
other 
than 
when 
reporting 
on 
sustainability 
or 
previously 
on 
corporate 
responsibility. 
ESRS 
2 
MDR-T 
The 
tracking 
of 
the 
effectiveness 
of 
policies 
and 
actions 
through 
Fingrid’s 
measurable 
outcome-oriented 
targets 
is 
addressed 
in 
connection 
with 
the 
topical 
standards. 
Climate 
change 
E1-4, 
Biodiversity 
E4-4, 
Resource 
use 
and 
circular 
economy 
E5-3, 
Own 
workforce 
S1-5, 
Workers 
in 
the 
value 
chain 
S2-5, 
Consumers 
and 
end-users 
S4-5, 
Entity-
specific 
material 
disclosures 
(system 
security), 
Business 
conduct 
G1-1 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
81 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Standard 
Disclosure 
requirement 
(DR) 
Sections 
of 
the 
sustainability 
statement 
ESRS 
E1 
ESRS 
E1-1 
E1-1 
Transition 
plan 
for 
climate 
change 
mitigation 
and 
E1-3 
Actions 
and 
resources 
in 
relation 
to 
climate 
change 
policies 
ESRS 
E1-2 
E1-2 
Policies 
related 
to 
climate 
change 
mitigation 
and 
adaptation 
ESRS 
E1-3 
E1-1 
Transition 
plan 
for 
climate 
change 
mitigation 
and 
E1-3 
Actions 
and 
resources 
in 
relation 
to 
climate 
change 
policies 
ESRS 
E1-4 
E1-4 
Targets 
related 
to 
climate 
change 
mitigation 
and 
adaptation 
ESRS 
E1-5 
E1-5 
Energy 
consumption 
and 
mix 
ESRS 
E1-6 
E1-6 
Gross 
Scopes 
1, 
2, 
3 
and 
Total 
GHG 
emissions 
ESRS 
E1-7 
E1-7 
GHG 
removals 
and 
GHG 
mitigation 
projects 
financed 
through 
carbon 
credits 
ESRS 
E1-8 
E1-8 
Internal 
carbon 
pricing 
ESRS 
E1-9 
The 
disclosure 
requirement 
is 
omitted 
based 
on 
the 
transitional 
provision. 
ESRS 
E4 
ESRS 
E4-1 
E4-1 
Transition 
plan 
and 
consideration 
of 
biodiversity 
and 
ecosystems 
in 
strategy 
and 
business 
model 
E4-2 
Policies 
related 
to 
biodiversity 
and 
ecosystems 
ESRS 
E4-2 
E4-2 
Policies 
related 
to 
biodiversity 
and 
ecosystems 
and 
climate 
change 
as 
a 
whole 
are 
reported 
in 
standard 
E1. 
ESRS 
E4-3 
E4-3 
Actions 
and 
resources 
related 
to 
biodiversity 
and 
ecosystems 
ESRS 
E4-4 
E4-4 
Targets 
related 
to 
biodiversity 
and 
ecosystems 
E1-4 
Targets 
related 
to 
climate 
change 
mitigation 
and 
adaptation 
ESRS 
E4-5 
E4-5 
Impact 
metrics 
related 
to 
biodiversity 
and 
ecosystems 
change 
ESRS 
E5 
ESRS 
E5-1 
E5-1 
Policies 
related 
to 
resource 
use 
and 
circular 
economy 
ESRS 
E5-2 
E5-2 
Actions 
and 
resources 
in 
relation 
to 
resource 
use 
and 
circular 
economy 
ESRS 
E5-3 
E5-3 
Targets 
related 
to 
resource 
use 
and 
circular 
economy 
E1-4 
Targets 
related 
to 
climate 
change 
mitigation 
and 
adaptation 
ESRS 
E5-4 
E5-4 
Resource 
inflows 
ESRS 
E5-6 
E5-6 
Anticipated 
financial 
effects 
from 
material 
resource 
use 
and 
circular 
economy-related 
risks 
and 
opportunities 
ESRS 
S1 
ESRS 
S1-1 
S1-1 
Policies 
related 
to 
own 
workforce 
ESRS 
S1-2 
S1-2 
Processes 
for 
engaging 
with 
own 
workforce 
and 
workers’ 
representatives 
about 
impacts 
ESRS 
S1-3 
S1-3 
Processes 
to 
remediate 
negative 
impacts 
and 
channels 
for 
own 
workforce 
to 
raise 
concerns 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
82 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Standard 
Disclosure 
requirement 
(DR) 
Sections 
of 
the 
sustainability 
statement 
G1-1 
Business 
conduct 
policies 
and 
corporate 
culture 
ESRS 
S1-4 
S1-4 
Taking 
action 
on 
material 
impacts 
on 
own 
workforce, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
own 
workforce, 
and 
effectiveness 
of 
those 
actions 
S2-4 
Taking 
action 
on 
material 
impacts 
on 
value 
chain 
workers, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
value 
chain 
workers, 
and 
effectiveness 
of 
those 
actions 
ESRS 
S1-5 
S1-5 
Targets 
related 
to 
managing 
material 
negative 
impacts, 
advancing 
positive 
impacts, 
and 
managing 
material 
risks 
and 
opportunities 
ESRS 
S1-6 
S1-6 
Characteristics 
of 
the 
undertaking’s 
employees 
ESRS 
S1-7 
S1-7 
Characteristics 
of 
non-employees 
in 
the 
undertaking’s 
own 
workforce 
ESRS 
S1-9 
S1-9 
Diversity 
metrics 
ESRS 
S1-10 
S1-10 
Adequate 
wages 
ESRS 
S1-11 
S1-11 
Social 
protection 
ESRS 
S1-14 
S1-14 
Health 
and 
safety 
metrics 
ESRS 
S1-16 
S1-16 
Remuneration 
metrics 
(pay 
gap 
and 
total 
remuneration) 
ESRS 
S1-17 
S1-17 
Incidents, 
complaints 
and 
severe 
human 
rights 
impacts 
ESRS 
S2 
ESRS 
S2-1 
S2-1 
Policies 
related 
to 
value 
chain 
workers 
G1-1 
Business 
conduct 
policies 
and 
corporate 
culture 
G1-2 
Management 
of 
relationships 
with 
suppliers 
ESRS 
S2-2 
S2-2 
Processes 
for 
engaging 
with 
value 
chain 
workers 
about 
impacts 
ESRS 
S2-3 
S2-3 
Processes 
to 
remediate 
negative 
impacts 
and 
channels 
for 
value 
chain 
workers 
to 
raise 
concerns 
G1-1 
Business 
conduct 
policies 
and 
corporate 
culture 
G1-2 
Management 
of 
relationships 
with 
suppliers 
ESRS 
S2-4 
S2-4 
Taking 
action 
on 
material 
impacts 
on 
value 
chain 
workers, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
value 
chain 
workers, 
and 
effectiveness 
of 
those 
actions 
G1-1 
Business 
conduct 
policies 
and 
corporate 
culture 
G1-2 
Management 
of 
relationships 
with 
suppliers 
ESRS 
S2-5 
S2-5 
Targets 
related 
to 
managing 
material 
negative 
impacts, 
advancing 
positive 
impacts, 
and 
managing 
material 
risks 
and 
opportunities 
S1-14 
Health 
and 
safety 
metrics 
ESRS 
S3 
ESRS 
S3-1 
S3-1 
Policies 
related 
to 
affected 
communities 
ESRS 
S3-2 
S3-2 
Processes 
for 
engaging 
with 
affected 
communities 
about 
impacts 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
83 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Standard 
Disclosure 
requirement 
(DR) 
Sections 
of 
the 
sustainability 
statement 
ESRS 
S3-3 
S3-3 
Processes 
to 
remediate 
negative 
impacts 
and 
channels 
for 
affected 
communities 
to 
raise 
concerns 
G1-1 
Business 
conduct 
policies 
and 
corporate 
culture 
ESRS 
S3-4 
S3-4 
Taking 
action 
on 
material 
impacts 
on 
affected 
communities, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
affected 
communities, 
and 
effectiveness 
of 
those 
actions 
E4-3 
Actions 
and 
resources 
related 
to 
biodiversity 
and 
ecosystems 
ESRS 
S3-5 
S3-5 
Targets 
related 
to 
managing 
material 
negative 
impacts, 
advancing 
positive 
impacts, 
and 
managing 
material 
risks 
and 
opportunities 
ESRS 
S4 
ESRS 
S4-1 
S4-1 
Policies 
related 
to 
consumers 
and 
end-users 
G1-1 
Business 
conduct 
policies 
and 
corporate 
culture 
ESRS 
S4-2 
S4-2 
Processes 
for 
engaging 
with 
consumers 
and 
end-users 
about 
impacts 
ESRS 
S4-3 
S4-3 
Processes 
to 
remediate 
negative 
impacts 
and 
channels 
for 
consumers 
and 
end-users 
to 
raise 
concerns 
G1-1 
Business 
conduct 
policies 
and 
corporate 
culture 
ESRS 
S4-4 
S4-4 
Taking 
action 
on 
material 
impacts 
on 
consumers 
and 
end-users, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
consumers 
and 
end-
users, 
and 
effectiveness 
of 
those 
actions 
ESRS 
S4-5 
S4-5 
Targets 
related 
to 
managing 
material 
negative 
impacts, 
advancing 
positive 
impacts, 
and 
managing 
material 
risks 
and 
opportunities 
Material 
entity-specific 
disclosures 
Protection 
of 
business 
critical 
and 
personal 
data 
S4 
Consumers 
and 
end-users 
S4 
SBM-3 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
consumers 
and 
end-users 
S4-1 
Policies 
related 
to 
consumers 
and 
end-users 
S4-2 
Processes 
for 
engaging 
with 
consumers 
and 
end-users 
about 
impacts 
S4-3 
Processes 
to 
remediate 
negative 
impacts 
and 
channels 
for 
consumers 
and 
end-users 
to 
raise 
concerns 
S4-4 
Taking 
action 
on 
material 
impacts 
on 
consumers 
and 
end-users, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
consumers 
and 
end-
users, 
and 
effectiveness 
of 
those 
actions 
System 
security 
ESRS 
G1 
ESRS 
G1-1 
G1-1 
Business 
conduct 
policies 
and 
corporate 
culture 
G1-2 
Management 
of 
relationships 
with 
suppliers 
E1-4 
Targets 
related 
to 
climate 
change 
mitigation 
and 
adaptation 
ESRS 
G1-2 
G1-2 
Management 
of 
relationships 
with 
suppliers 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
84 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Standard 
Disclosure 
requirement 
(DR) 
Sections 
of 
the 
sustainability 
statement 
ESRS 
G1-3 
G1-1 
Business 
conduct 
policies 
and 
corporate 
culture 
G1-3 
Prevention 
and 
detection 
of 
corruption 
and 
bribery 
ESRS 
G1-4 
G1-4 
Incidents 
of 
corruption 
or 
bribery 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
85 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Appendix 
2 
List 
of 
data 
points 
listed 
in 
standard 
ESRS 
2 
appendix 
B 
based 
on 
other 
EU 
legislation 
Disclosure 
Requirement 
and 
related 
datapoint 
SFDR 
reference 
Pillar 
3 
reference 
Benchmark 
Regulation 
reference 
EU 
Climate 
Law 
reference 
Material 
/ 
Not 
material 
Paragraph 
or 
page 
reference 
ESRS 
2 
GOV-1 
Board's 
gender 
diversity 
paragraph 
21 
(d) 
Indicator 
number 
13 
of 
Table 
#1 
of 
Annex 
1 
 
Commission 
Delegated 
Regulation 
(EU) 
2020/1816 
(5), 
Annex 
II 
 
Material 
GOV-1 
The 
role 
of 
the 
administrative, 
management 
and 
supervisory 
bodies 
ESRS 
2 
GOV-1 
Percentage 
of 
board 
members 
who 
are 
independent 
paragraph 
21 
(e) 
 
 
Delegated 
Regulation 
(EU) 
2020/1816, 
Annex 
II 
 
Material 
GOV-1 
The 
role 
of 
the 
administrative, 
management 
and 
supervisory 
bodies 
ESRS 
2 
GOV-4 
Statement 
on 
due 
diligence 
paragraph 
30 
Indicator 
number 
10 
Table 
#3 
of 
Annex 
1 
 
 
 
Material 
GOV-4 
Statement 
on 
due 
diligence 
ESRS 
2 
SBM-1 
Involvement 
in 
activities 
related 
to 
fossil 
fuel 
activities 
paragraph 
40 
(d) 
i 
Indicators 
number 
4 
Table 
#1 
of 
Annex 
1 
Article 
449a 
Regulation 
(EU) 
No 
575/2013;Commission 
Implementing 
Regulation 
(EU) 
2022/2453 
(6)Table 
1: 
Qualitative 
information 
on 
Environmental 
risk 
and 
Table 
2: 
Qualitative 
information 
on 
Social 
risk 
Delegated 
Regulation 
(EU) 
2020/1816, 
Annex 
II 
 
Not 
material 
Not 
material 
ESRS 
2 
SBM-1 
Involvement 
in 
activities 
related 
to 
chemical 
production 
paragraph 
40 
(d) 
ii 
Indicator 
number 
9 
Table 
#2 
of 
Annex 
1 
 
Delegated 
Regulation 
(EU) 
2020/1816, 
Annex 
II 
 
Not 
material 
Not 
material 
ESRS 
2 
SBM-1 
Involvement 
in 
activities 
related 
to 
controversial 
weapons 
paragraph 
40 
(d) 
iii 
Indicator 
number 
14 
Table 
#1 
of 
Annex 
1 
 
Delegated 
Regulation 
(EU) 
2020/1818 
(7), 
Article 
12(1) 
Delegated 
Regulation 
(EU) 
2020/1816, 
Annex 
II 
 
Not 
material 
Not 
material 
ESRS 
2 
SBM-1 
Involvement 
in 
activities 
related 
to 
cultivation 
and 
production 
of 
tobacco 
paragraph 
40 
(d) 
iv 
 
 
Delegated 
Regulation 
(EU) 
2020/1818, 
Article 
12(1) 
Delegated 
Regulation 
(EU) 
2020/1816, 
Annex 
II 
 
Not 
material 
Not 
material 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
86 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Disclosure 
Requirement 
and 
related 
datapoint 
SFDR 
reference 
Pillar 
3 
reference 
Benchmark 
Regulation 
reference 
EU 
Climate 
Law 
reference 
Material 
/ 
Not 
material 
Paragraph 
or 
page 
reference 
ESRS 
E1-1 
Transition 
plan 
to 
reach 
climate 
neutrality 
by 
2050 
paragraph 
14 
 
 
Regulation 
(EU) 
2021/1119, 
Article 
2(1) 
 
Material 
E1-1 
Transition 
plan 
for 
climate 
change 
miti-
gation 
ESRS 
E1-1 
Undertakings 
excluded 
from 
Paris-
aligned 
Benchmarks 
paragraph 
16 
(g) 
 
Article 
449a 
Regulation 
(EU) 
No 
575/2013; 
Commission 
Implementing 
Regulation 
(EU) 
2022/2453 
Template 
1: 
Banking 
book-Climate 
Change 
transition 
risk: 
Credit 
quality 
of 
exposures 
by 
sector, 
emissions 
and 
residual 
maturity 
Delegated 
Regulation 
(EU) 
2020/1818, 
Article12.1 
(d) 
to 
(g), 
and 
Article 
12.2 
 
Material 
E1-1 
Transition 
plan 
for 
climate 
change 
miti-
gation 
ESRS 
E1-4 
GHG 
emission 
reduction 
targets 
paragraph 
34 
Indicator 
number 
4 
Table 
#2 
of 
Annex 
1 
Article 
449aRegulation 
(EU) 
No 
575/2013; 
Commission 
Implementing 
Regulation 
(EU) 
2022/2453 
Template 
3: 
Banking 
book 
– 
Climate 
change 
transition 
risk: 
alignment 
metrics 
Delegated 
Regulation 
(EU) 
2020/1818, 
Article 
6 
 
Material 
E1-4 
Targets 
related 
to 
climate 
change 
mitigation 
and 
adaptation 
ESRS 
E1-5 
Energy 
consumption 
from 
fossil 
sources 
disaggregated 
by 
sources 
(only 
high 
climate 
impact 
sectors) 
paragraph 
38 
Indicator 
number 
5 
Table 
#1 
and 
Indicator 
n. 
5 
Table 
#2 
of 
Annex 
1 
 
 
 
Material 
E1-5 
Energy 
consumption 
and 
mix 
ESRS 
E1-5 
Energy 
consumption 
and 
mix 
paragraph 
37 
Indicator 
number 
5 
Table 
#1 
of 
Annex 
1 
 
 
 
Material 
E1-5 
Energy 
consumption 
and 
mix 
ESRS 
E1-5 
Energy 
intensity 
associated 
with 
activities 
in 
high 
climate 
impact 
sectors 
paragraphs 
40 
to 
43 
Indicator 
number 
6 
Table 
#1 
of 
Annex 
1 
 
 
 
Material 
E1-5 
Energy 
consumption 
and 
mix 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
87 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Disclosure 
Requirement 
and 
related 
datapoint 
SFDR 
reference 
Pillar 
3 
reference 
Benchmark 
Regulation 
reference 
EU 
Climate 
Law 
reference 
Material 
/ 
Not 
material 
Paragraph 
or 
page 
reference 
ESRS 
E1-6 
Gross 
Scope 
1, 
2, 
3 
and 
Total 
GHG 
emissions 
paragraph 
44 
Indicators 
number 
1 
and 
2 
Table 
#1 
of 
Annex 
1 
Article 
449a; 
Regulation 
(EU) 
No 
575/2013; 
Commission 
Implementing 
Regulation 
(EU) 
2022/2453 
Template 
1: 
Banking 
book 
– 
Climate 
change 
transition 
risk: 
Credit 
quality 
of 
exposures 
by 
sector, 
emissions 
and 
residual 
maturity 
Delegated 
Regulation 
(EU) 
2020/1818, 
Article 
5(1), 
6 
and 
8(1) 
 
Material 
E1-6 
Gross 
Scopes 
1, 
2, 
3 
and 
Total 
GHG 
emissions 
ESRS 
E1-6 
Gross 
GHG 
emissions 
intensity 
paragraphs 
53 
to 
55 
Indicators 
number 
3 
Table 
#1 
of 
Annex 
1 
Article 
449a 
Regulation 
(EU) 
No 
575/2013; 
Commission 
Implementing 
Regulation 
(EU) 
2022/2453 
Template 
3: 
Banking 
book 
– 
Climate 
change 
transition 
risk: 
alignment 
metrics 
Delegated 
Regulation 
(EU) 
2020/1818, 
Article 
8(1) 
 
Material 
E1-6 
Gross 
Scopes 
1, 
2, 
3 
and 
Total 
GHG 
emissions 
ESRS 
E1-7 
GHG 
removals 
and 
carbon 
credits 
paragraph 
56 
 
 
 
Regulation 
(EU) 
2021/1119, 
Article 
2(1) 
Not 
material 
Not 
material 
ESRS 
E1-9 
Exposure 
of 
the 
benchmark 
portfolio 
to 
climate-related 
physical 
risks 
paragraph 
66 
 
 
Delegated 
Regulation 
(EU) 
2020/1818, 
Annex 
II 
Delegated 
Regulation 
(EU) 
2020/1816, 
Annex 
II 
 
Material 
Omitted 
based 
on 
the 
transitional 
provision 
ESRS 
E1-9 
Disaggregation 
of 
monetary 
amounts 
by 
acute 
and 
chronic 
physical 
risk 
paragraph 
66 
(a) 
ESRS 
E1-9 
Location 
of 
significant 
assets 
at 
material 
physical 
risk 
paragraph 
66 
(c) 
 
Article 
449a 
Regulation 
(EU) 
No 
575/2013; 
Commission 
Implementing 
Regulation 
(EU) 
2022/2453 
paragraphs 
46 
and 
47; 
Template 
5: 
Banking 
book 
- 
Climate 
change 
physical 
risk: 
Exposures 
subject 
to 
physical 
risk. 
 
 
Material 
Omitted 
based 
on 
the 
transitional 
provision 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
88 
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Disclosure 
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and 
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datapoint 
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Pillar 
3 
reference 
Benchmark 
Regulation 
reference 
EU 
Climate 
Law 
reference 
Material 
/ 
Not 
material 
Paragraph 
or 
page 
reference 
ESRS 
E1-9 
Breakdown 
of 
the 
carrying 
: 
The 
carrying 
amount 
of 
the 
company’s 
real 
estate 
assets 
broken 
down 
by 
energy 
efficiency 
class, 
point 
67(c). 
 
Article 
449a 
Regulation 
(EU) 
No 
575/2013; 
Commission 
Implementing 
Regulation 
(EU) 
2022/2453 
paragraph 
34; 
Template 
2:Banking 
book 
-Climate 
change 
transition 
risk: 
Loans 
collateralised 
by 
immovable 
property 
- 
Energy 
efficiency 
of 
the 
collateral 
 
 
Material 
Omitted 
based 
on 
the 
transitional 
provision 
ESRS 
E1-9 
Degree 
of 
exposure 
of 
the 
portfolio 
to 
climate-related 
opportunities 
paragraph 
69 
 
 
Delegated 
Regulation 
(EU) 
2020/1818, 
Annex 
II 
 
Material 
Omitted 
based 
on 
the 
transitional 
provision 
ESRS 
E2-4 
Amount 
of 
each 
pollutant 
listed 
in 
Annex 
II 
of 
the 
EPRTR 
Regulation 
(European 
Pollutant 
Release 
and 
Transfer 
Register) 
emitted 
to 
air, 
water 
and 
soil, 
paragraph 
28 
Indicator 
number 
8 
Table 
#1 
of 
Annex 
1 
Indicator 
number 
2 
Table 
#2 
of 
Annex 
1 
Indicator 
number 
1 
Table 
#2 
of 
Annex 
1 
Indicator 
number 
3 
Table 
#2 
of 
Annex 
1 
 
 
 
Not 
material 
Not 
material 
ESRS 
E3-1 
Water 
and 
marine 
resources 
paragraph 
9 
Indicator 
number 
7 
Table 
#2 
of 
Annex 
1 
 
 
 
Not 
material 
Not 
material 
ESRS 
E3-1 
Dedicated 
policy 
paragraph 
13 
Indicator 
number 
8 
Table 
2 
of 
Annex 
1 
 
 
 
Not 
material 
Not 
material 
ESRS 
E3-1 
Sustainable 
oceans 
and 
seas 
paragraph 
14 
Indicator 
number 
12 
Table 
#2 
of 
Annex 
1 
 
 
 
Not 
material 
Not 
material 
ESRS 
E3-4 
Total 
water 
recycled 
and 
reused 
paragraph 
28 
(c) 
Indicator 
number 
6.2 
Table 
#2 
of 
Annex 
1 
 
 
 
Not 
material 
Not 
material 
ESRS 
E3-4 
Total 
water 
consumption 
in 
m
3
 
per 
net 
revenue 
on 
own 
operations 
paragraph 
29 
Indicator 
number 
6.1 
Table 
#2 
of 
Annex 
1 
 
 
 
Not 
material 
Not 
material 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
89 
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Disclosure 
Requirement 
and 
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datapoint 
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reference 
Pillar 
3 
reference 
Benchmark 
Regulation 
reference 
EU 
Climate 
Law 
reference 
Material 
/ 
Not 
material 
Paragraph 
or 
page 
reference 
ESRS 
2 
– 
SBM-3 
– 
E4 
Activities 
that 
negatively 
affect 
biodiversity 
sensitive 
areas 
paragraph 
16 
(a) 
i 
Indicator 
number 
7 
Table 
#1 
of 
Annex 
1 
 
 
 
Material 
Material 
biodiversity 
and 
ecosystems-related 
impacts, 
risks 
and 
opportunities 
ESRS 
2 
– 
SBM-3 
– 
E4 
Has 
the 
company 
identified 
material 
negative 
effects 
related 
to 
the 
deterioration 
of 
the 
terrestrial 
environment, 
desertification 
or 
soil 
sealing, 
paragraph 
16 
(b) 
Indicator 
number 
10 
Table 
#2 
of 
Annex 
1 
 
 
 
Material 
Material 
biodiversity 
and 
ecosystems-related 
impacts, 
risks 
and 
opportunities 
ESRS 
2 
– 
SBM-3 
– 
E4 
Does 
the 
company 
have 
activities 
which 
affect 
endangered 
species 
paragraph 
16 
(c) 
Indicator 
number 
14 
Table 
#2 
of 
Annex 
1 
 
 
 
Material 
Material 
biodiversity 
and 
ecosystems-related 
impacts, 
risks 
and 
opportunities 
ESRS 
E4-2 
Sustainable 
land 
/ 
agriculture 
practicies 
or 
policies 
paragraph 
24 
(b) 
Indicator 
number 
11 
Table 
#2 
of 
Annex 
1 
 
 
 
Material 
E4-2 
Policies 
related 
to 
biodiversity 
and 
ecosystems 
ESRS 
E4-2 
Sustainable 
oceans 
/ 
seas 
practices 
or 
policies 
paragraph 
24 
(c) 
Indicator 
number 
12 
Table 
#2 
of 
Annex 
1 
 
 
 
Not 
material 
Not 
material 
ESRS 
E4-2 
Policies 
to 
address 
deforestation 
paragraph 
24 
(d) 
Indicator 
number 
15 
Table 
#2 
of 
Annex 
1 
 
 
 
Material 
E4-2 
Policies 
related 
to 
biodiversity 
and 
ecosystems 
ESRS 
E5-5 
Non-recycled 
waste 
paragraph 
37 
(d) 
Indicator 
number 
13 
Table 
#2 
of 
Annex 
1 
 
 
 
Not 
material 
Not 
material 
ESRS 
E5-5 
Hazardous 
waste 
paragraph 
39 
Indicator 
number 
9 
Table 
#1 
of 
Annex 
1 
 
 
 
Not 
material 
Not 
material 
ESRS 
E5-5 
Radioactive 
waste 
paragraph 
39 
Indicator 
number 
9 
Table 
#1 
of 
Annex 
1 
 
 
 
Not 
material 
Not 
material 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
90 
FINGRID 
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2026 
Disclosure 
Requirement 
and 
related 
datapoint 
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reference 
Pillar 
3 
reference 
Benchmark 
Regulation 
reference 
EU 
Climate 
Law 
reference 
Material 
/ 
Not 
material 
Paragraph 
or 
page 
reference 
ESRS 
2 
– 
SBM-3 
– 
S1 
Risk 
of 
incidents 
of 
forced 
labour 
paragraph 
14 
(f) 
Indicator 
number 
13 
Table 
#3 
of 
Annex 
I 
 
 
 
Material 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
own 
workforce 
ESRS 
2 
– 
SBM-3 
– 
S1 
Risk 
of 
incidents 
of 
child 
labour 
paragraph 
14 
(g) 
Indicator 
number 
12 
Table 
#3 
of 
Annex 
I 
 
 
 
Material 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
own 
workforce 
ESRS 
S1-1 
Human 
rights 
policy 
commitments 
paragraph 
20 
Indicator 
number 
9 
Table 
#3 
and 
Indicator 
number 
11 
Table 
#1 
of 
Annex 
I 
 
 
 
Material 
S1-1 
Policies 
related 
to 
own 
workforce 
ESRS 
S1-1 
Due 
diligence 
policies 
on 
issues 
addressed 
by 
the 
fundamental 
International 
Labor 
Organisation 
Conventions 
1 
to 
8, 
paragraph 
21 
 
 
Delegated 
Regulation 
(EU) 
2020/1816, 
Annex 
II 
 
Material 
S1-1 
Policies 
related 
to 
own 
workforce 
ESRS 
S1-1 
Processes 
and 
measures 
for 
preventing 
trafficking 
in 
human 
beings 
paragraph 
22 
Indicator 
number 
11 
Table 
#3 
of 
Annex 
I 
 
 
 
Material 
S1-1 
Policies 
related 
to 
own 
workforce 
ESRS 
S1-1 
Workplace 
accident 
prevention 
policy 
or 
management 
system 
paragraph 
23 
Indicator 
number 
1 
Table 
#3 
of 
Annex 
I 
 
 
 
Material 
S1-1 
Policies 
related 
to 
own 
workforce 
ESRS 
S1-3 
Grievance 
/ 
complaints 
handling 
mechanism 
paragraph 
32 
(c) 
Indicator 
number 
5 
Table 
#3 
of 
Annex 
I 
 
 
 
Material 
S1-3 
Processes 
to 
remediate 
negative 
impacts 
and 
channels 
for 
own 
workforce 
to 
raise 
concerns 
ESRS 
S1-14 
Number 
of 
fatalities 
paragraph 
88 
(b) 
and 
(c) 
Indicator 
number 
2 
Table 
#3 
of 
Annex 
I 
 
Delegated 
Regulation 
(EU) 
2020/1816, 
Annex 
II 
 
Material 
S1-14 
Health 
and 
safety 
metrics 
ESRS 
S1-14 
Number 
of 
work-related 
accidents 
paragraph 
88 
(b) 
and 
(c) 
Indicator 
number 
2 
Table 
#3 
of 
Annex 
I 
 
Delegated 
Regulation 
(EU) 
2020/1816, 
Annex 
II 
 
Material 
S1-14 
Health 
and 
safety 
metrics 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
91 
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2026 
Disclosure 
Requirement 
and 
related 
datapoint 
SFDR 
reference 
Pillar 
3 
reference 
Benchmark 
Regulation 
reference 
EU 
Climate 
Law 
reference 
Material 
/ 
Not 
material 
Paragraph 
or 
page 
reference 
ESRS 
S1-14 
Rate 
of 
work-related 
accidents 
paragraph 
8 
(b) 
and 
(c) 
Indicator 
number 
2 
Table 
#3 
of 
Annex 
I 
 
Delegated 
Regulation 
(EU) 
2020/1816, 
Annex 
II 
 
Material 
S1-14 
Health 
and 
safety 
metrics 
ESRS 
S1-14 
Number 
of 
days 
lost 
to 
injuries, 
accidents, 
fatalities 
or 
illness 
paragraph 
88 
(e) 
Indicator 
number 
3 
Table 
#3 
of 
Annex 
I 
 
 
 
Material 
S1-14 
Health 
and 
safety 
metrics 
ESRS 
S1-16 
Unadjusted 
gender 
pay 
gap 
paragraph 
97 
(a) 
Indicator 
number 
12 
Table 
#1 
of 
Annex 
I 
 
Delegated 
Regulation 
(EU) 
2020/1816, 
Annex 
II 
 
Material 
S1-16 
Remuneration 
metrics 
(pay 
gap 
and 
total 
remuneration) 
ESRS 
S1-16 
Excessive 
CEO 
pay 
ratio 
paragraph 
97 
(b) 
Indicator 
number 
8 
Table 
#3 
of 
Annex 
I 
 
 
 
Material 
S1-16 
Remuneration 
metrics 
(pay 
gap 
and 
total 
remuneration) 
ESRS 
S1-17 
Incidents 
of 
discrimination 
paragraph 
103 
(a) 
Indicator 
number 
7 
Table 
#3 
of 
Annex 
I 
 
 
 
Material 
S1-17 
Incidents, 
complaints 
and 
severe 
human 
rights 
impacts 
ESRS 
S1-17 
Non-respect 
of 
UNGPs 
on 
Business 
and 
Human 
Rights 
and 
OECD 
paragraph 
104 
(a) 
Indicator 
number 
10 
Table 
#1 
and 
Indicator 
n. 
14 
Table 
#3 
of 
Annex 
I 
 
Delegated 
Regulation 
(EU) 
2020/1816, 
Annex 
II 
Delegated 
Regulation 
(EU) 
2020/1818 
Art 
12 
(1) 
 
Material 
S1-17 
Incidents, 
complaints 
and 
severe 
human 
rights 
impacts 
ESRS 
2 
– 
SBM-3 
– 
S2 
Significant 
risk 
of 
child 
labour 
or 
forced 
labour 
in 
the 
value 
chain 
paragraph 
11 
(b) 
Indicators 
number 
12 
and 
n. 
13 
Table 
#3 
of 
Annex 
I 
 
 
 
Material 
Material 
impacts, 
risks 
and 
opportunities 
related 
to 
value 
chain 
workers 
ESRS 
S2-1 
Human 
rights 
policy 
commitments 
paragraph 
17 
Indicator 
number 
9 
Table 
#3 
and 
Indicator 
n. 
11 
Table 
#1 
of 
Annex 
1 
 
 
 
Material 
S2-1 
Policies 
related 
to 
value 
chain 
workers 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
92 
FINGRID 
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March 
2026 
Disclosure 
Requirement 
and 
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datapoint 
SFDR 
reference 
Pillar 
3 
reference 
Benchmark 
Regulation 
reference 
EU 
Climate 
Law 
reference 
Material 
/ 
Not 
material 
Paragraph 
or 
page 
reference 
ESRS 
S2-1 
Policies 
related 
to 
value 
chain 
workers 
paragraph 
18 
Indicator 
number 
11 
and 
n. 
4 
Table 
#3 
of 
Annex 
1 
 
 
 
Material 
S2-1 
Policies 
related 
to 
value 
chain 
workers 
ESRS 
S2-1 
Non-respect 
of 
UNGPs 
on 
Business 
and 
Human 
Rights 
principles 
and 
OECD 
guidelines 
paragraph 
19 
Indicator 
number 
10 
Table 
#1 
of 
Annex 
1 
 
Delegated 
Regulation 
(EU) 
2020/1816, 
Annex 
II 
Delegated 
Regulation 
(EU) 
2020/1818, 
Art 
12 
(1) 
 
Material 
S2-1 
Policies 
related 
to 
value 
chain 
workers 
ESRS 
S2-1 
Due 
diligence 
policies 
on 
issues 
addressed 
by 
the 
fundamental 
International 
Labor 
Organisation 
Conventions 
1 
to 
8, 
paragraph 
19 
 
 
Delegated 
Regulation 
(EU) 
2020/1816, 
Annex 
II 
 
Material 
S2-1 
Policies 
related 
to 
value 
chain 
workers 
ESRS 
S2-4 
Human 
rights 
issues 
and 
incidents 
connected 
to 
its 
upstream 
and 
downstream 
value 
chain 
paragraph 
36 
Indicator 
number 
14 
Table 
#3 
of 
Annex 
1 
 
 
 
Material 
S2-4 
Taking 
action 
on 
material 
impacts 
on 
value 
chain 
workers, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
value 
chain 
workers, 
and 
effectiveness 
of 
those 
actions 
ESRS 
S3-1 
Human 
rights 
policy 
commitments 
paragraph 
16 
Indicator 
number 
9 
Table 
#3 
of 
Annex 
1 
and 
Indicator 
number 
11 
Table 
#1 
of 
Annex 
1 
 
 
 
Material 
S3-1 
Policies 
related 
to 
affected 
communities 
ESRS 
S3-1 
Non-respect 
of 
UNGPs 
on 
Business 
ad 
Human 
Rights, 
ILO 
principles 
or 
OECD 
guidelines 
paragraph 
17 
Indicator 
number 
10 
Table 
#1 
Annex 
1 
 
Delegated 
Regulation 
(EU) 
2020/1816, 
Annex 
II 
Delegated 
Regulation 
(EU) 
2020/1818, 
Art 
12 
(1) 
 
Material 
S3-1 
Policies 
related 
to 
affected 
communities 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
93 
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March 
2026 
Disclosure 
Requirement 
and 
related 
datapoint 
SFDR 
reference 
Pillar 
3 
reference 
Benchmark 
Regulation 
reference 
EU 
Climate 
Law 
reference 
Material 
/ 
Not 
material 
Paragraph 
or 
page 
reference 
ESRS 
S3-4 
Human 
rights 
issues 
and 
incidents 
paragraph 
36 
Indicator 
number 
14 
Table 
#3 
of 
Annex 
1 
 
 
 
Material 
S3-4 
Taking 
action 
on 
material 
impacts 
on 
affected 
communities, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
affected 
communities, 
and 
effectiveness 
of 
those 
actions 
ESRS 
S4-1 
Policies 
related 
to 
consumers 
and 
end-users 
paragraph 
16 
Indicator 
number 
9 
Table 
#3 
and 
Indicator 
number 
11 
Table 
#1 
of 
Annex 
1 
 
 
 
Material 
S4-1 
Policies 
related 
to 
consumers 
and 
end-
users 
ESRS 
S4-1 
Non-respect 
of 
UNGPs 
on 
Business 
and 
Human 
Rights 
and 
OECD 
guidelines 
paragraph 
17 
Indicator 
number 
10 
Table 
#1 
of 
Annex 
1 
 
Delegated 
Regulation 
(EU) 
2020/1816, 
Annex 
II 
Delegated 
Regulation 
(EU) 
2020/1818, 
Art 
12 
(1) 
 
Material 
S4-1 
Policies 
related 
to 
consumers 
and 
end-
users 
ESRS 
S4-4 
Human 
rights 
issues 
and 
incidents 
paragraph 
35 
Indicator 
number 
14 
Table 
#3 
of 
Annex 
1 
 
 
 
Material 
S4-4 
Taking 
action 
on 
material 
impacts 
on 
consumers 
and 
end-
users, 
and 
approaches 
to 
managing 
material 
risks 
and 
pursuing 
material 
opportunities 
related 
to 
consumers 
and 
end-users, 
and 
effectiveness 
of 
those 
actions 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
94 
FINGRID 
OYJ 
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March 
2026 
Disclosure 
Requirement 
and 
related 
datapoint 
SFDR 
reference 
Pillar 
3 
reference 
Benchmark 
Regulation 
reference 
EU 
Climate 
Law 
reference 
Material 
/ 
Not 
material 
Paragraph 
or 
page 
reference 
ESRS 
G1-1 
United 
Nations 
Convention 
against 
Corruption 
paragraph 
10 
(b) 
Indicator 
number 
15 
Table 
#3 
of 
Annex 
1 
 
 
 
Material 
G1-1 
Business 
conduct 
policies 
and 
corporate 
culture 
ESRS 
G1-1 
Protection 
of 
whistleblowers 
paragraph 
10 
(d) 
Indicator 
number 
6 
Table 
#3 
of 
Annex 
1 
 
 
 
Material 
G1-1 
Business 
conduct 
policies 
and 
corporate 
culture 
ESRS 
G1-4 
Fines 
for 
violation 
of 
anti-corruption 
and 
anti-bribery 
laws 
paragraph 
24 
(a) 
Indicator 
number 
17 
Table 
#3 
of 
Annex 
1 
 
Delegated 
Regulation 
(EU) 
2020/1816, 
Annex 
II) 
 
Material 
G1-4 
Incidents 
of 
corruption 
or 
bribery 
bribery 
ESRS 
G1-4 
Standards 
of 
anti-corruption 
and 
anti-bribery 
paragraph 
24 
(b) 
Indicator 
number 
16 
Table 
#3 
of 
Annex 
1 
 
 
 
Material 
G1-4 
Incidents 
of 
corruption 
or 
bribery 

 
 
95 
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2026 
2 
KEY 
FIGURES 
AND 
REGULATION 
OF 
TRANSMISSION 
NETWORK 
OPERATIONS 
CONSOLIDATED 
KEY 
FIGURES 
2025 
2024 
2023 
2022 
2021 
IFRS 
IFRS 
IFRS 
IFRS 
IFRS 
Extent 
of 
operations 
Turnover 
MEUR 
1,118.5 
1,269.3 
1,193.2 
1,815.2 
1,090.9 
Capital 
expenditure, 
gross 
MEUR 
485.1 
520.9 
322.0 
276.1 
213.5 
- 
% 
of 
turnover 
% 
43.4 
41.0 
27.0 
15.2 
19.6 
Research 
and 
development 
expenses 
MEUR 
3.8 
3.1 
2.4 
1.8 
3.0 
- 
% 
of 
turnover 
% 
0.3 
0.2 
0.2 
0.1 
0.3 
Personnel, 
average 
622 
588 
517 
480 
440 
Personnel 
at 
the 
end 
of 
period 
635 
597 
544 
489 
451 
Salaries 
and 
remunerations 
total 
MEUR 
44.0 
40.1 
35.8 
31.9 
28.2 
Profitability 
EBITDA 
MEUR 
386.2 
329.3 
124.3 
398.3 
310.7 
Operating 
result 
MEUR 
248.7 
200.6 
1.0 
290.4 
210.8 
- 
% 
of 
turnover 
% 
22.2 
15.8 
0.1 
16.0 
19.3 
Result 
before 
taxes 
MEUR 
223.3 
186.4 
1.3 
257.4 
187.6 
- 
% 
of 
turnover 
% 
20.0 
14.7 
0.1 
14.2 
17.2 
Return 
on 
investments 
(ROI) 
% 
10.9 
11.1 
1.6 
16.3 
11.7 
Return 
on 
equity 
(ROE) 
% 
28.8 
25.1 
0.2 
30.1 
23.5 
Financing 
and 
financial 
position 
Equity 
ratio 
% 
17.4 
16.1 
20.1 
22.4 
25.3 
Interest-bearing 
net 
borrowings 
MEUR 
1,207.8 
1,021.7 
535.2 
322.7 
938.5 
Net 
gearing 
% 
187.7 
170.3 
91.0 
44.8 
145.1 
Share-specific 
key 
figures 
Dividend/A 
shares 
€ 
54,400.00
53,400.00
54,100.00 
52,500.00 
52,500.00 
Dividend/B 
shares 
€ 
19,900.00
19,500.00
19,800.00 
19,200.00 
19,200.00 
Equity/share 
€ 
193,552 
180,423 
176,802 
216,469 
194,573 
Number 
of 
shares 
at 
31 
Dec 
– 
Series 
A 
shares 
shares 
2,078 
2,078 
2,078 
2,078 
2,078 
– 
Series 
B 
shares 
shares 
1,247 
1,247 
1,247 
1,247 
1,247 
Total 
shares 
3,325 
3,325 
3,325 
3,325 
3,325 
* 
The 
Board 
of 
Directors’ 
proposal 
to 
the 
Annual 
General 
Meeting 
on 
the 
maximum 
dividend 
to 
be 
distributed 
based 
on 
the 
current 
Articles 
of 
Association 

 
 
 
 
 
 
 
 
96 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
CALCULATION 
OF 
KEY 
FIGURES
Return 
on 
investment, 
% 
= 
Profit 
before 
taxes 
+ 
interest 
and 
other 
finance 
costs 
x 
100 
Balance 
sheet 
total 
- 
non-interest 
-bearing 
liabilities 
(average 
for 
the 
year) 
Return 
on 
equity, 
% 
= 
Profit 
for 
the 
financial 
year 
x 
100 
Equity 
(average 
for 
the 
year) 
Equity 
ratio, 
% 
= 
Equity 
x 
100 
Balance 
sheet 
total 
- 
advances 
received 
Dividends 
per 
share, 
€ 
= 
Dividends 
for 
the 
financial 
year 
Average 
number 
of 
shares 
Equity 
per 
share, 
€ 
= 
Equity 
Number 
of 
shares 
at 
closing 
date 
Interest-bearing 
net 
borrowings, 
€ 
 
= 
Interest-bearing 
borrowings 
- 
cash 
and 
cash 
equivalents 
and 
financial 
assets 
Net 
gearing, 
% 
 
= 
Interest-bearing 
borrowings 
- 
cash 
and 
cash 
equivalents 
and 
financial 
assets 
x 
100 
Equity 
EBITDA, 
€ 
= 
Operating 
Income 
+ 
Depreciation 
and 
amortization 
+ 
Impairments

97 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Fingrid’s 
business 
model 
and 
the 
regulation 
of 
transmission 
system 
operations 
Fingrid 
constitutes 
a 
natural 
monopoly 
as 
referred 
to 
in 
the 
Finnish 
Electricity 
Market 
Act 
(588/2013), 
with 
duties 
defined 
in 
legislation. 
The 
company’s 
operations, 
reasonableness 
in 
pricing 
and 
financial 
result 
are 
regulated 
and 
overseen 
by 
the 
Energy 
Market 
Authority. 
The 
Energy 
Authority 
defines 
the 
regulation 
methods 
for 
Fingrid’s 
grid 
operations 
for 
two 
four-year 
regulatory 
periods 
at 
a 
time. 
The 
Energy 
Authority 
has 
defined 
the 
regulation 
methods 
for 
the 
sixth 
and 
seventh 
regulatory 
periods, 
i.e. 
for 
2024–2027 
and 
2028–2031. 
The 
regulation 
methods 
define 
the 
maximum 
annual 
financial 
regulatory 
profit 
for 
Fingrid 
by 
the 
regulation. 
Fingrid 
has 
the 
possibility 
to 
balance 
its 
result 
against 
the 
allowed 
regulatory 
profit 
during 
the 
regulatory 
periods. 
The 
Energy 
Authority 
also 
confirms 
other 
terms 
and 
conditions 
for 
Fingrid’s 
regulated 
operations. 
The 
reasonable 
financial 
regulatory 
profit 
by 
the 
regulation 
forms 
the 
starting 
point 
for 
Fingrid’s 
financial 
planning 
and 
pricing. 
The 
turnover 
to 
be 
charged 
for 
the 
services 
can 
be 
calculated 
by 
adding 
operating 
expenses 
to 
the 
result. 
The 
turnover 
of 
Fingrid’s 
main 
grid 
segment 
essentially 
consists 
of 
the 
fees 
collected 
from 
the 
grid 
customers. 
The 
bulk 
of 
the 
grid 
service 
fees 
comes 
from 
the 
consumption 
of 
electricity, 
whereas 
electricity 
production 
only 
contributes 
a 
small 
portion. 
In 
addition 
to 
electricity 
consumption, 
the 
grid 
service 
fees 
are 
based 
on 
the 
output 
from 
and 
input 
into 
the 
grid 
and 
power-based 
tariffs. 
In 
addition, 
a 
separate 
connection 
fee 
is 
charged 
for 
connection 
to 
the 
grid. 
The 
turnover 
of 
the 
balance 
services 
segment 
comes 
from 
the 
balancing 
power 
sold 
to 
maintain 
the 
national 
power 
balance 
and 
separate 
balance 
service 
fees, 
which 
are 
used 
to 
cover 
the 
costs 
of 
power 
system 
reserve 
and 
imbalance 
management 
and 
the 
result 
of 
balancing 
power 
trade. 
Fingrid’s 
total 
costs 
consist 
of 
the 
operating 
expenses, 
including 
the 
costs 
of 
the 
segments 
mentioned 
above, 
and 
finance 
costs 
and 
taxes, 
which 
are 
excluded 
from 
the 
regulatory 
calculations. 
Fingrid’s 
operations 
are 
regulated, 
including 
both 
reporting 
segments, 
i.e. 
the 
main 
grid 
segment 
and 
balance 
services 
segment. 
The 
so-called 
adjusted 
profit, 
realised 
in 
compliance 
with 
the 
regulation, 
is 
calculated 
by 
adjusting 
the 
parent 
company’s 
operating 
profit 
according 
to 
the 
Energy 
Market 
Authority’s 
regulation 
methods 
and 
by 
adding 
the 
impact 
of 
the 
incentives. 
Any 
realised 
regulatory 
profit 
over 
a 
regulatory 
period 
that 
exceeds 
the 
allowed 
return 
is 
a 
surplus 
that 
must 
be 
offset 
at 
the 
latest 
during 
the 
next 
regulatory 
period, 
e.g. 
in 
the 
form 
of 
lower 
prices 
for 
customers 
or 
by 
not 
carrying 
out 
the 
price 
increa 
ses 
corresponding 
to 
the 
rise 
in 
costs. 
If 
the 
realised 
regulatory 
profit 
over 
a 
regulatory 
period is 
below 
the 
allowed 
financial 
result, 
a 
deficit 
is 
created 
which 
Fingrid 
may 
recover 
from 
customers, 
e.g. 
in 
the 
form 
of 
higher 
future 
prices. 
Fingrid 
aims 
to 
achieve 
the 
allowed 
return 
annually 
and 
the 
allowed 
financial 
regulatory 
profit 
over 
the 
regulatory 
period. 
The 
table 
below 
shows 
Fingrid’s 
own 
estimate 
of 
the 
realised 
adjusted 
profit 
for 
2025 
and 
the 
corresponding 
figures 
for 
2024 
for 
comparison. 
According 
to 
Fingrid’s 
own 
estimate, 
the 
reasonable 
profit 
from 
operations 
was 
around 
EUR 
15 
(5) 
million 
higher 
than 
the 
allowed 
regulatory 
profit 
for 
2025. 
The 
cumulative 
surplus 
is 
estimated 
to 
be 
approximately 
EUR 
20 
million. 

 
98 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
2025 
2024 
WACC 
(pre-tax) 
6.49% 
6.67% 
Adjusted 
capital, 
M€ 
ca. 
3,800 
ca. 
3,700 
Allowed 
financial 
result, 
M€ 
ca. 
245 
ca. 
245 
Deficit 
(-) 
/Surplus 
(+), 
M€ 
ca. 
15 
ca. 
5 
Regulatory 
period 
2024-2027 
Deficit 
(-)/Surplus 
(+), 
M€ 
ca. 
20 
ca. 
5 
Fingrid’s 
grid 
assets 
were 
revalued 
at 
the 
beginning 
of 
2024 
for 
the 
start 
of 
the 
regulatory 
period 
2024–2031. 
The 
revaluation 
was 
based 
on 
unit 
prices 
for 
grid 
components 
from 
the 
grid 
projects 
completed 
in 
2022 
and 
component 
data 
from 
Fingrid’s 
asset 
register 
at 
the 
end 
of 
2023. 
At 
the 
end 
of 
2025, 
Fingrid’s 
grid 
assets 
consisted 
of 
the 
regulatory 
value 
of 
grid 
assets 
as 
of 
the 
beginning 
of 
2024, 
after 
depreciation 
and 
amortisation, 
decommissioning 
and 
asset 
sales, 
as 
well 
as 
investments 
made 
in 
new 
grid 
assets 
in 
2024–2025 
at 
Fingrid’s 
estimated 
unit 
prices. 
The 
Energy 
Authority 
will 
confirm 
the 
unit 
prices 
for 
main 
grid 
investments 
completed 
in 
2024 
and 
2025 
when 
the 
2024–2027 
regulatory 
period 
ends. 
Fingrid 
also 
engages 
in 
other 
regulated 
business 
operations 
deviating 
from 
the 
monitoring 
of 
reasonable 
return 
described 
above, 
but 
their 
impact 
on 
the 
company’s 
financial 
result 
and 
balance 
sheet 
is 
negligible. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
99 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
3 
CONSOLIDATED 
FINANCIAL 
STATEMENTS 
(IFRS) 
3.1 
Income 
statement 
CONSOLIDATED 
STATEMENT 
OF 
COMPREHENSIVE 
INCOME 
1 
Jan 
- 
31 
Dec, 
2025 
1 
Jan 
- 
31 
Dec, 
2024 
Notes 
€ 
1,000 
€ 
1,000 
TURNOVER 
2 
1,118,476
1,269,277
Other 
operating 
income 
3 
153,326
133,547
Materials 
and 
services 
6 
-774,982
-932,173
Personnel 
expenses 
10 
-52,518
-47,636
Depreciation 
and 
amortisation 
13, 
14 
-137,559
-128,742
Other 
operating 
expenses 
7, 
15 
-58,070
-93,688
OPERATING 
RESULT 
248,673
200,584
Finance 
income 
19 
19,464
23,452
Finance 
costs 
19 
-45,349
-38,110
Finance 
income 
and 
costs 
-25,885
-14,658
Share 
of 
profit 
of 
associated 
companies 
512
427
RESULT 
BEFORE 
TAXES 
223,301
186,353
Income 
taxes 
-44,348
-37,187
RESULT 
FOR 
THE 
FINANCIAL 
YEAR 
178,952
149,166
OTHER 
COMPREHENSIVE 
INCOME 
Items 
that 
may 
subsequently 
be 
transferred 
to 
profit 
or 
loss 
Translation 
reserve 
-17
-16
TOTAL 
COMPREHENSIVE 
INCOME 
FOR 
THE 
FINANCIAL 
PERIOD 
178,936
149,150
Profit 
attributable 
to: 
Equity 
holders 
of 
parent 
company 
178,952
149,166
Total 
comprehensive 
income 
attributable 
to: 
Equity 
holders 
of 
parent 
company 
178,936
149,150

 
100 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
3.2 
Consolidated 
balance 
sheet 
 
ASSETS 
31 Dec 2025
31 
Dec 
2024 
Notes 
€ 1,000
€ 
1,000 
 
NON-CURRENT 
ASSETS 
Intangible 
assets: 
14 
Goodwill 
87,920
87,920
Land 
use 
rights 
105,540
104,537
Other 
intangible 
assets 
51,170
57,034
244,630
249,491
Property, 
plant 
and 
equipment: 
13 
Land 
and 
water 
areas 
26,852
26,069
Buildings 
and 
structures 
466,350
383,869
Machinery 
and 
equipment 
815,495
682,573
Transmission 
lines 
731,521
711,352
Other 
property, 
plant 
and 
equipment 
110
110
Right-of-use 
assets 
15 
55,043
50,175
Prepayments 
and 
purchases 
in 
progress 
456,476
527,918
2,551,847
2,382,067
Investments 
in 
associated 
companies 
26 
14,197
13,702
Other 
long-term 
investments 
22 
-
81,843
Other 
long-term 
receivables 
4 
322
228
Derivative 
instruments 
23, 
24 
5,854
3,763
Deferred 
tax 
assets 
11 
99,227
71,237
 
TOTAL 
NON-CURRENT 
ASSETS 
2,916,078
2,802,331
 
CURRENT 
ASSETS 
Inventories 
9 
22,548
20,529
Derivative 
instruments 
23, 
24 
2,731
11,808
Trade 
receivables 
and 
other 
receivables 
4, 
26 
142,921
127,835
Other 
financial 
assets 
22 
70,401
145,413
Cash 
in 
hand 
and 
cash 
equivalents 
21 
539,111
611,288
 
TOTAL 
CURRENT 
ASSETS 
777,711
916,873
 
TOTAL 
ASSETS 
3,693,789
3,719,204

 
101 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
EQUITY 
AND 
LIABILITIES 
31 
Dec 
2025 
31 
Dec 
2024 
Notes 
€ 
1,000 
€ 
1,000 
EQUITY 
ATTRIBUTABLE 
TO 
EQUITY 
HOLDERS 
OF 
THE 
PARENT 
COMPANY 
Share 
capital 
25 
55,922
55,922
Share 
premium 
account 
25 
55,922
55,922
Translation 
reserve 
25 
-40
-23
Retained 
earnings 
25 
531,754
488,084
TOTAL 
EQUITY 
643,559
599,905
NON-CURRENT 
LIABILITIES 
Deferred 
tax 
liabilities 
11 
130,326
129,504
Borrowings 
16 
1,461,142
1,491,072
Provisions 
27 
2,957
2,854
Derivative 
instruments 
23, 
24 
16,903
19,771
Lease 
liabilities 
15, 
16 
53,267
48,496
Accruals 
8 
623,093
573,514
2,287,688
2,265,212
CURRENT 
LIABILITIES 
Borrowings 
16 
299,438
317,865
Derivative 
instruments 
23, 
24 
7,061
18,742
Lease 
liabilities 
15, 
16 
3,504
2,860
Trade 
payables 
and 
other 
liabilities 
8 
452,538
514,620
762,542
854,087
TOTAL 
LIABILITIES 
3,050,229
3,119,299
TOTAL 
EQUITY 
AND 
LIABILITIES 
3,693,789
3,719,204

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
102 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
3.3 
Consolidated 
statement 
of 
changes 
in 
equity 
Attributable 
to 
equity 
holders 
of 
the 
parent 
company, 
€ 
1,000 
Share 
Share 
Translation 
Retained 
Total 
capital 
premium 
reserve 
earnings 
equity 
account 
 
Balance 
on 
1 
Jan 
2024 
55,922
55,922
-7
476,028
587,866
Comprehensive 
income 
Profit 
or 
loss 
149,166
149,166
Other 
comprehensive 
income 
Translation 
reserve 
-16
-16
Total 
other 
comprehensive 
income 
adjusted 
by 
tax 
effects 
-16
-16
Total 
comprehensive 
income 
-16
149,166
149,150
Transactions 
with 
owners 
Dividend 
relating 
to 
2023 
-137,110
-137,110
Balance 
on 
31 
December 
2024 
55,922
55,922
-23
488,084
599,905
Balance 
on 
1 
Jan 
2025 
55,922
55,922
-23
488,084
599,905
Comprehensive 
income 
Profit 
or 
loss 
178,952
178,952
Other 
comprehensive 
income 
Translation 
reserve 
-17
-17
Total 
other 
comprehensive 
income 
adjusted 
by 
tax 
effects 
-17
-17
Total 
comprehensive 
income 
-17
178,952
178,936
Transactions 
with 
owners 
Dividend 
relating 
to 
2024 
-135,282
-135,282
Balance 
on 
31 
Dec 
2025 
55,922
55,922
-40
531,754
643,559

 
 
 
 
 
 
103 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
3.4 
Consolidated 
cash 
flow 
statement 
CONSOLIDATED 
CASH 
FLOW 
STATEMENT 
1 
Jan 
- 
31 
Dec, 
2025 
1 
Jan 
- 
31 
Dec, 
2024 
€ 
1,000 
€ 
1,000 
Cash 
flow 
from 
operating 
activities: 
 
Result 
before 
taxes 
223,301
186,353
Adjustments: 
Business 
transactions 
not 
involving 
a 
payment 
transaction: 
Depreciation 
and 
amortisation 
137,559
128,742
Capital 
gains/losses 
(-/+) 
on 
tangible 
and 
intangible 
assets 
-390
-386
Share 
of 
profit 
of 
associated 
companies 
-512
-427
Gains/losses 
from 
the 
assets 
and 
liabilities 
recognised 
in 
the 
income 
statement 
at 
fair 
value 
-2,116
38,450
Connection 
agreements 
33,786
23,863
Recognition 
of 
congestion 
income 
-223,227
-431,069
Finance 
income 
and 
costs 
25,885
14,658
Changes 
in 
working 
capital: 
Change 
in 
trade 
receivables 
and 
other 
receivables 
1,348
-63,449
Change 
in 
inventories 
-2,020
-1,424
Change 
in 
trade 
payables 
and 
other 
liabilities 
-5,577
11,194
Congestion 
income 
349,316
327,522
Change 
in 
provisions 
-170
-89
Interests 
paid 
-64,330
-37,019
Interests 
received 
42,107
30,180
Taxes 
paid 
-63,861
-36,236
Net 
cash 
flow 
from 
operating 
activities 
451,099
190,864
Cash 
flow 
from 
investing 
activities: 
Purchase 
of 
property, 
plant 
and 
equipment 
-464,209
-530,109
Purchase 
of 
intangible 
assets 
-9,939
-6,007
Purchase 
of 
other 
assets 
-60,477
-72,760
Proceeds 
from 
sale 
of 
other 
assets 
213,055
59,260
Proceeds 
from 
sale 
of 
property, 
plant 
and 
equipment 
1,814
500
Proceeds 
from 
sales 
of 
intangible 
assets 
252
-
Contributions 
received 
-
25,935
Capitalised 
interest 
paid 
-11,876
-14,576
Net 
cash 
flow 
from 
investing 
activities 
-331,379
-537,757
Cash 
flow 
from 
financing 
activities: 
Proceeds 
from 
non-current 
financing 
(liabilities) 
-
992,055
Payments 
of 
non-current 
financing 
(liabilities) 
-129,052
-340,355
Proceeds 
from 
current 
financing 
(liabilities) 
268,815
459,243
Payments 
from 
current 
financing 
(liabilities) 
-193,006
-266,237
Dividends 
paid 
-135,282
-137,110
Principal 
elements 
of 
lease 
payments 
-3,372
-3,151
Net 
cash 
flow 
from 
financing 
activities 
-191,897
704,444
Change 
in 
cash 
as 
per 
the 
cash 
flow 
statement 
-72,178
357,551
Opening 
cash 
as 
per 
the 
cash 
flow 
statement 
611,288
253,737
Closing 
cash 
as 
per 
the 
cash 
flow 
statement 
539,111
611,288

104 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
4 
NOTES 
TO 
THE 
CONSOLIDATED 
FINANCIAL 
STATEMENTS 
Fingrid Oyj is a Finnish public limited liability company responsible for electricity transmission in Finland’s main grid.
The 
nationwide 
grid 
is 
an 
integral 
part 
of 
the 
power 
system 
in 
Finland
. 
The 
main 
grid 
is 
the 
backbone 
transmission 
network 
to 
which 
major 
power 
plants 
and 
major 
consumers, 
such 
as 
industry 
and 
regional 
electricity 
distribution 
networks, 
and 
cross 
-border 
transmission 
connections 
are 
connected. 
Finland’s 
main 
grid 
is 
part 
of 
the 
Nordic 
power 
system, 
which 
is 
connected 
to 
the 
system 
in 
Central 
Europe 
via 
high-
voltage 
direct 
current 
transmission 
links. 
Finland 
also 
has 
DC 
links 
with 
Estonia. 
The 
main 
grid 
encompasses 
more 
than 
14,900 
kilometres 
of 
400, 
220 
and 
110 
kilovolt 
transmission 
lines, 
plus 
more 
than 
100 
substations. 
Fingrid 
is 
in 
charge 
of 
planning 
and 
monitoring 
the 
operation 
of 
the 
main 
grid 
and 
for 
maintaining 
and 
developing 
the 
system. 
The 
company 
is 
responsible 
for 
the 
national 
power 
balance 
and 
for 
ensuring 
that 
electricity 
consumption 
and 
production 
are 
always 
balanced. 
An 
additional 
task 
is 
to 
participate 
in 
work 
carried 
out 
by 
ENTSO-E, 
the 
European 
Network 
of 
Transmission 
System 
Operators 
for 
Electricity, 
and 
in 
preparing 
European 
market 
and 
operational 
codes 
as 
well 
as 
network 
planning. 
Fingrid 
offers 
grid 
and 
balance 
services, 
as 
well 
as 
other 
services 
related 
to 
the 
electricity 
markets, 
such 
as 
data 
exchange, 
Financial 
Transmission 
Rights 
(FTR) 
and 
the 
market 
related 
to 
power 
system 
reserves, 
to 
its 
contract 
customers, 
i.e. 
electricity 
producers, 
network 
operators 
and 
industry. 
Fingrid 
serves 
the 
electricity 
market 
by 
maintaining 
adequate 
electricity 
transmission 
capacity, 
by 
securing 
the 
preconditions 
of 
maintaining 
power 
balance, 
by 
removing 
bottlenecks 
in 
cross 
-border 
transmission 
links 
and 
by 
providing 
market 
data. 
The 
consolidated 
financial 
statements 
include 
the 
parent 
company 
Fingrid 
Oyj 
and 
its 
wholly 
owned 
subsidiaries 
Finextra 
Oy 
and 
Datahub 
Oy. 
The 
consolidated 
associated 
companies 
are 
eSett 
Oy 
(ownership 
25.0%) 
and 
Nordic 
RCC 
A/S 
(ownership 
25.0%). 
Fingrid 
issues 
bonds 
under 
the 
Euro 
Medium 
Term 
Note 
(EMTN) 
programme. 
The 
bonds 
are 
listed 
on 
the 
Euronext 
Dublin 
stock 
exchange 
in 
Ireland. 
Fingrid 
shares 
are 
not 
listed. 
Fingrid 
has 
at 
its 
disposal 
a 
green 
European 
commercial 
paper 
programme 
for 
procuring 
short-term 
financing, 
and 
a 
domestic 
commercial 
paper 
programme. 
The 
commercial 
paper 
programmes 
are 
unlisted. 
Accounting 
principles 
Fingrid’s 
consolidated 
financial 
statements 
have 
been 
drawn 
up 
in 
accordance 
with 
the 
International 
Financial 
Reporting 
Standards 
(IFRS). 
Unless 
otherwise 
indicated, 
the 
figures 
in 
parentheses 
refer 
to 
the 
same 
period 
of 
the 
previous 
year. 
Fingrid’s 
consolidated 
financial 
statements 
have 
been 
drawn 
up 
in 
accordance 
with 
the 
same 
standards 
as 
in 
2024.
Use 
of 
Estimates 
and 
Management 
Judgment 
When 
the 
consolidated 
financial 
statements 
are 
drawn 
up 
in 
accordance 
with 
the 
IFRS, 
the 
company 
management 
needs 
to 
make 
estimates 
and 
assumptions 
which 
have 
an 
impact 
on 
the 
amounts 
of 
assets, 
liabilities, 
income 
and 
expenses 
recorded 
and 
conditional 
items 
presented. 
In 
addition, 
the 
management’s 
judgement 
is 
required 
when 
preparing 
and 
applying 
the 
principles 
for 
preparation. 
The 
estimates 
and 
assumptions 
are 
based 
on 
historical 
experience, 
understanding 
of 
the 
electricity 
market’s 
development 
and 
other 
justified 
assumptions. 
These 
are 
believed 
to 
be 
reasonable 
under 
the 
conditions 
which 
constitute 
the 
foundation 
for 
the 
estimates 
of 
the 
items 
recognised 
in 
the 
financial 
statements. 
The 
energy 
markets 
are 
undergoing 
a 
major 
transformation, 
and 
the 
outcomes 
may 
differ 
from 
these 
estimates. 
In 
the 
financial 
statements, 
estimates 
have 
been 
used, 
for 
example, 
when 
specifying 
the 
economic 
lives 
of 
tangible 
and 
intangible 
asset 
items, 
and 
in 
conjunction 
with 
deferred 
taxes 
and 
provisions.
 
Foreign 
currency 
transactions 

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The 
consolidated 
financial 
statements 
are 
presented 
in 
euros, 
which 
is 
the 
functional 
currency 
of 
the 
parent 
company. 
Transactions 
and 
financial 
items 
denominated 
in 
foreign 
currencies 
are 
recognised 
at 
the 
European 
Central 
Bank’s 
(ECB) 
euro 
foreign 
exchange 
reference 
rate 
at 
the 
transaction 
date. 
Receivables 
and 
liabilities 
denominated 
in 
foreign 
currencies 
are 
valued 
in 
the 
financial 
statements 
at 
the 
ECB’s 
reference 
rate 
at 
the 
closing 
date. 
Foreign 
exchange 
gains 
and 
losses 
from 
business 
are 
included 
in 
the 
corresponding 
items 
above 
operating 
profit. 
Foreign 
exchange 
gains 
and 
losses 
from 
financial 
instruments 
are 
recognised 
at 
net 
amounts 
in 
finance 
income 
and 
costs.
4.1 
TSO 
operations 
4.1.1 
General 
information 
about 
the 
Group 
and 
general 
accounting 
principles 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating 
segments 
Main 
grid 
segment 
The 
main 
grid 
segment 
includes 
development 
& 
maintenance 
of 
the 
main 
grid, 
the 
connection 
of 
new 
production 
and 
consumption 
to 
the 
network, 
electricity 
transmission, 
grid 
operation 
and 
the 
development 
of 
unified 
electricity 
markets 
and 
reserves 
related 
to 
maintaining 
the 
electricity 
system. 
The 
segment’s 
turnover 
consists 
of 
main 
grid 
tariff 
income, 
connection 
fees, 
and 
income 
from 
reactive 
power 
and 
other 
income 
related 
to 
transmission 
grid 
operations. 
The 
congestion 
income 
portion 
recognised 
in 
turnover 
is 
linked 
to 
the 
main 
grid 
segment. 
The 
segment’s 
expense 
items 
include 
e.g. 
depreciation 
and 
amortisation 
of 
grid 
investments, 
reserves 
to 
ensure 
the 
main 
grid’s 
operation 
and 
the 
development 
thereof, 
the 
purchase 
of 
loss 
power, 
congestion 
costs, 
countertrades, 
network 
maintenance 
and 
electricity 
market 
development 
costs. 
Income 
and 
costs 
caused 
by 
transmission 
grid 
congestion, 
financial 
transmission 
rights 
(FTR), 
gains 
and 
losses 
from 
the 
sale 
of 
grid 
assets, 
and 
depreciation 
and 
amortisation 
are 
included 
in 
the 
main 
grid 
segment. 
Seasonal 
and 
annual 
variations 
are 
typical 
in 
the 
segment’s 
turnover 
and 
operating 
result. 
Main 
grid 
segment, 
€1,000 
2025 
2024 
Turnover 
654,256 
657,526 
Operating 
result 
236,455 
215,076 
The 
main 
grid 
segment’s 
turnover 
grew 
to 
EUR 
654.3 
(657.5) 
million 
. 
Operating 
profit 
grew 
to 
EUR 
236.5 
(215.1) 
million. 
Balance 
services 
segment 
The 
balance 
services 
segment 
includes 
activities 
related 
to 
national 
balance 
management 
and 
imbalance 
settlement, 
and 
market 
development 
activities. 
In 
addition, 
development 
of 
the 
reserve 
markets 
related 
to 
balance 
management 
and 
the 
procurement 
of 
the 
corresponding 
reserves 
is 
included 
in 
the 
balance 
services 
segment. 
The 
segment’s 
turnover 
consists 
of 
the 
balance 
service’s 
tariff 
income 
and 
sales 
of 
imbalance 
power, 
and 
the 
segment’s 
costs 
consist 
of 
purchases 
of 
imbalance 
power, 
reserve 
capacity 
costs 
and 
other 
operational 
costs 
related 
to 
balance 
management 
and 
imbalance 
settlement. 
Balance 
services 
segment, 
€1,000 
2025 
2024 
Turnover 
505,596 
664,371 
Operating 
result 
36,845 
42,388 
Turnover 
of 
the 
balance 
service 
fell 
to 
EUR 
505.6 
(664.4) 
million 
as 
a 
result 
of 
the 
drop 
in 
the 
price 
of 
electricity 
compared 
with 
the 
previous 
year. 

 
 
 
 
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2026 
The 
balance 
service’s 
operating 
profit 
was 
EUR 
36.8 
(42.4) 
million. 
Changes 
in 
balance 
service 
fees 
follow 
the 
cost 
development 
and 
the 
accumulation 
of 
imbalance 
power 
trade’s 
gross 
profit. 
Variations 
in 
reserve 
costs 
were 
great, 
and 
the 
reserve 
costs 
were 
lower 
than 
predicted, 
as 
a 
result 
of 
which 
balance 
servic 
e 
fees 
were 
adjusted 
during 
2025. 
Result 
by 
business 
segment 
The 
segment 
information 
is 
FAS 
-compliant, 
and 
it 
is 
reconciled 
with 
the 
IFRS 
consolidated 
financial 
statements. 
The 
differences 
between 
FAS 
and 
IFRS 
reporting 
are 
presented 
in 
the 
column 
Eliminations 
and 
consolidated 
entries.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1. 
SEGMENTS, 
€1,000 
31 
Dec 
2025 
Business 
segment 
Main 
grid 
Balance 
services 
Other 
activities 
Eliminations 
and 
consolidation 
entries 
Group, 
total 
Turnover 
654,256 
505,596 
23,965 
-65,341 
1,118,476 
Depreciation 
and 
amortisation 
-128,912 
-1,151 
-6,121 
-1,376 
-137,559 
Operating 
result 
236,455 
36,845 
4,698 
-29,324 
248,673 
Finance 
income 
and 
costs 
-25,885 
Result 
before 
taxes 
223,301 
31 
Dec 
2024 
Business 
segment 
Main 
grid 
Balance 
services 
Other 
activities 
Eliminations 
and 
consolidation 
entries 
Group, 
total 
Turnover 
657,526 
664,371 
22,136 
-74,756 
1,269,277 
Depreciation 
and 
amortisation 
-120,680 
-1,116 
-6,037 
-910 
-128,742 
Operating 
result 
215,076 
42,388 
2,428 
-59,307 
200,584 
Finance 
income 
and 
costs 
-14,658 
Result 
before 
taxes 
186,353
Other 
activities 
include 
Fingrid’s 
other 
statutory 
public 
service 
obligations 
that 
are 
not 
part 
of 
actual 
transmission 
grid 
operations 
or 
transmission 
system 
responsibility. 
These 
tasks 
include 
peak 
load 
capacity 
services 
and 
guarantee-of-
origin 
services 
for 
electricity, 
as 
well 
as 
centralised 
information 
exchange 
services 
for 
the 
electricity 
markets. 
The 
subsidiaries 
Finextra 
Oy 
and 
Fingrid 
Datahub 
Oy 
oversee 
these 
tasks. 
Other 
activities 
also 
includes 
the 
parent 
company’s 
administrative 
and 
ICT 
services 
for 
subsidiaries. 
Income 
and 
expense 
items 
between 
the 
parent 
company 
and 
subsidiaries 
are 
eliminated 
in 
the 
Group 
reporting. 
IFRS 
items 
include 
among 
other 
things, 
changes 
in 
the 
market 
value 
of 
electricity 
derivatives, 
recognition 
of 
connection 
fees 
over 
time 
according 
to 
IFRS 
15, 
and 
recognition 
of 
leases 
over 
time 
according 
to 
IFRS 
16.
 
Accounting 
principles 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment 
reporting 
The 
operating 
segments 
reported 
on 
by 
the 
Group 
now 
consist 
of 
the 
main 
grid 
segment 
and 
the 
balance 
services 
segment. 
The 
main 
grid 
segment 
includes 
development 
& 
maintenance 
of 
the 
main 
grid, 
the 
connection 
of 
new 
electricity 
production 
and 
consumption 
to 
the 
network, 
electricity 
transmission, 
grid 
operation 
and 
the 
development 
of 
unified 
electricity 
markets. 
The 
balance 
services 
segment 
includes 
activities 
related 
to 
national 
balance 
management 
and 
imbalance 
settlement. 
Promoting 
the 
reserve 
and 
balancing 
power 
markets, 
which 
balance 
the 
power 
system, 
are 
also 
included 
in 
the 
balance 
services 
segment. 
Both 
the 
main 
grid 
segment 
and 
the 
balance 
services 
segment 
are 
the 
company’s 
regulated 
business 
operations, 
which 
are 
supervised 
by 
the 
Energy 
Authority. 
Geographical 
data 
is 
not 
presented, 
as 
Fingrid 
operates 
only 
in 
Finland. 
The 
Group 
also 
has 
other 
tasks 
that 
fall 
under 
its 
statutory 
public 
service 
obligations, 
and 
these 
have 
been 
included 
in 
other 
activities 
within 
the 
segment 
information. 
Segment 
information 
is 
reported 
in 
a 
manner 
consistent 
with 
internal 
reporting 
to 
the 
chief 
operating 
decision 
-maker. 
In 
line 
with 
the 
company’s 
management 
principles, 
the 
chief 
operating 
decision-maker, 
who 
is 
responsible 
for 
allocating 
resources 
to 
the 
operating 
segments 
and 
for 
assessing 
the 
results 
of 
the 
segments, 
is 
the 
President 
& 
CEO. 
The 
segment 
information 
is 
FAS 
-compliant, 
and 
it 
is 
reconciled 
with 
the 
IFRS 
consolidated 
financial 
statements. 
The 
segments’ 
results 
are 
assessed 
on 
the 
basis 
of 
the 
operating 
result. 
The 
segments’ 
combined 
operating 
results 

 
 
 
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March 
2026 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
constitute 
grid 
operations’ 
operating 
profit, 
which 
serves 
as 
the 
basis 
for 
the 
calculation 
of 
the 
actual 
adjusted 
result 
compatible 
with 
regulation. 
Costs 
are 
allocated 
to 
the 
segments 
in 
accordance 
with 
the 
matching 
principle, 
which 
creates 
a 
basis 
for 
pricing 
the 
services. 
Finance 
income 
and 
costs 
are 
not 
allocated 
to 
the 
segments, 
as 
the 
Group’s 
cash 
assets 
are 
controlled 
by 
Group 
Treasury. 
Variations 
between 
the 
segments’ 
results 
and 
turnover 
are 
typical. 
The 
segments 
form 
the 
basis 
for 
the 
calculation 
of 
Fingrid’s 
adjusted 
result 
compatible 
with 
the 
reasonable 
return 
regulation, 
and 
thus 
the 
results 
development 
of 
one 
segment 
can 
also 
affect 
the 
other 
segment 
over 
time 
to 
avoid 
exceeding 
the 
allowed 
regulatory 
profit 
set 
for 
the 
operations. 
The 
segments’ 
service 
prices 
are 
adjusted 
to 
correspond 
to 
costs 
over 
time. 
Segment 
information 
is 
published 
every 
six 
months 
as 
part 
of 
the 
Group’s 
IFRS 
financial 
statements 
and 
half-year 
reviews.
 
4.1.2 
The 
company's 
overall 
risk 
management 
processes 
and 
policies 
Fingrid 
implements 
enterprise 
risk 
management 
(ERM) 
based 
on 
the 
internal 
control 
and 
risk 
management 
principles 
approved 
by 
the 
Board 
of 
Directors. 
Risk 
management 
is 
planned 
holistically 
across 
functions 
and 
according 
to 
the 
annual 
cycle 
with 
the 
objective 
of 
identifying, 
assessing, 
monitoring 
and 
managing 
the 
various 
threats 
and 
uncertainties 
related 
to 
the 
company’s 
strategy, 
operations, 
the 
environment, 
personnel 
and 
assets. 
Unified 
assessment 
criteria 
help 
ensure 
that 
the 
risk 
management 
measures 
focus 
on 
issues 
relevant 
to 
the 
company. 
ERM 
combines, 
in 
a 
mutually 
supportive 
manner, 
the 
risks 
and 
opportunities 
of 
the 
company’s 
future 
scenario, 
proactive 
risk 
management 
and 
preparedness 
for 
the 
threats 
and 
long-term 
crisis 
situations 
identified 
through 
continuity 
management. 
Since 
Fingrid 
plays 
a 
significant 
role 
in 
Finnish 
society, 
the 
impact 
of 
risks 
is 
assessed 
from 
the 
perspective 
of 
both 
the 
company 
and 
all 
of 
society. 
Significant 
risks 
are 
considered 
to 
be 
events 
and 
uncertainties 
that 
may 
have 
serious 
business 
-finance 
or 
national 
economic 
consequences. 
Such 
significant 
events 
may 
also 
lead 
to 
serious 
personal 
injury, 
to 
a 
material 
deterioration 
in 
the 
company’s 
ability 
to 
operate 
or 
in 
its 
corporate 
image 
or, 
in 
the 
worst-case 
scenario, 
even 
to 
the 
company’s 
operations 
being 
called 
into 
question 
by 
society. 
The 
most 
significant 
risks 
are 
divided 
into 
three 
categories: 
regulatory 
risks, 
operating 
environment 
risks 
and 
operational 
risks. 
The 
company’s 
Board 
of 
Directors 
is 
responsible 
for 
organising 
internal 
control 
and 
risk 
management, 
and 
it 
approves 
the 
principles 
of 
internal 
control 
and 
risk 
management 
every 
two 
years 
or 
more 
often, 
if 
necessary. 
The 
Board 
evaluates 
the 
company’s 
risk 
tolerance 
level 
and 
ensures 
that 
the 
key 
risks 
have 
been 
identified 
as 
part 
of 
the 
strategy 
and 
action 
plan 
and 
that 
the 
related 
risk 
management 
measures 
have 
been 
appropriately 
defined. 
The 
Board 
additionally 
oversees 
the 
implementation 
of 
said 
measures. 
The 
Board 
receives, 
in 
accordance 
with 
the 
annual 
cycle, 
reports 
on 
significant 
risks 
and 
the 
measures 
in 
place 
to 
manage 
them 
and 
any 
realised 
risks, 
as 
well 
as 
reports 
on 
the 
observations 
of 
the 
internal 
audit 
and 
financial 
audit. 
In 
2025, 
new 
principles 
approved 
by 
the 
Board 
of 
Directors 
were 
implemented 
in 
Fingrid’s 
comprehensive 
risk 
management. 
At 
the 
same 
time, 
a 
new 
risk 
management 
model 
and 
revised 
assessment 
criteria 
were 
adopted 
in 
risk 
management. 
Risk 
management’s 
situational 
awareness 
has 
been 
expanded, 
and 
it 
is 
based 
on 
risk 
entities 
and 
risks 
that 
cross 
operational 
boundaries 
and 
which 
are 
reported 
to 
the 
Board 
regularly 
by 
the 
heads 
of 
the 
functions.
4.1.3 
Formation 
of 
turnover 
and 
financial 
result
Grid 
service 
revenue 
is 
mainly 
determined 
by 
electricity 
consumption. 
The 
proportion 
of 
the 
fees 
allocated 
to 
electricity 
production 
is 
small, 
in 
compliance 
with 
EU 
legislation. 
The 
Energy 
Authority 
approves 
the 
pricing 
structure 
for 
grid 
services, 
on 
the 
basis 
of 
which 
Fingrid 
sets 
the 
unit 
prices 
for 
electricity 
transmission 
during 
the 
winter 
period 
and 
for 
consumption 
during 
other 
times. 
In 
addition 
to 
consumption 
invoicing, 
Fingrid 
additionally 
charges 
fees 
for 
output 
from 
and 
input 
into 
the 
grid, 
and 
power-based 
tariffs. 
Within 
the 
framework 
of 
grid 
services, 
a 
customer 
obtains 
the 
right 
to 
transmit 
electricity 
to 
and 
from 
the 
main 
grid 
through 
its 
connection 
point. 
The 
use 
of 
congestion 
income 
in 
Finland 
is 
determined 
by 
the 
Energy 
Authority. 
Fingrid 
recognises 
congestion 
income 
in 
turnover 
and 
other 
operating 
income 
in 
accordance 
with 
the 
Energy 
Authority’s 
annual 
decisions. 
Fingrid 
uses 
congestion 
income 
recognised 
as 
turnover 
to 

 
 
 
 
 
 
 
 
 
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March 
2026 
cover 
the 
expenses 
defined 
in 
EU 
regulation 
and 
to 
reduce 
the 
pressure 
to 
raise 
grid 
prices. 
More 
information 
on 
congestion 
income 
and 
how 
it 
is 
allocated 
to 
main 
grid 
investments 
is 
provided 
in 
section 
4.2.1. 
Fingrid 
is 
responsible 
for 
maintaining 
a 
power 
balance 
in 
Finland 
at 
all 
times 
by 
buying 
and 
selling 
balancing 
power. 
Fingrid 
buys 
and 
sells 
balancing 
power 
in 
order 
to 
stabilise 
the 
power 
balances 
of 
electricity 
market 
operators 
(balance 
responsible 
parties) 
by 
time-of-use 
period 
and 
this 
way 
assumes 
financial 
counterparty 
risk 
for 
each 
balance 
responsible 
party. 
Imbalance 
power 
trade 
and 
imbalance 
pricing 
are 
based 
on 
a 
balance 
service 
agreement 
with 
impartial 
and 
public 
terms 
and 
conditions. 
ITC 
compensation 
is, 
for 
Fingrid, 
income 
and/or 
costs 
which 
the 
transmission 
system 
operator 
receives 
for 
the 
use 
of 
its 
grid 
by 
other 
European 
transmission 
system 
operators 
and/or 
pays 
to 
other 
transmission 
system 
operators 
when 
using 
their 
grid 
to 
serve 
its 
own 
customers.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. 
TURNOVER, 
€1,000 
2025 
2024 
Grid 
service 
revenue 
455,021 
275,417 
Sales 
of 
imbalance 
power 
495,755 
636,841 
ITC 
income 
14,014 
10,836 
Congestion 
income 
81,900 
301,000 
Datahub 
income 
22,809 
20,937 
Other 
operating 
income 
48,976 
24,246 
Total 
1,118,476 
1,269,277
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3. 
OTHER 
OPERATING 
INCOME, 
€1,000 
2025 
2024 
Rental 
income 
638 
492 
Capital 
gains 
on 
fixed 
assets 
1,688 
481 
Contributions 
received 
15 
3 
Congestion 
income 
141,327 
130,069 
Gains 
from 
measuring 
derivatives 
at 
fair 
value 
1,467 
188 
Other 
income 
8,192 
2,313 
Total 
153,326 
133,547
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting 
principles 
Revenue 
recognition 
Sales 
recognition 
takes 
place 
on 
the 
basis 
of 
the 
delivery 
of 
the 
service. 
Electricity 
transmission 
is 
recognised 
once 
the 
transmission 
has 
taken 
place, 
and 
balance 
power 
services 
are 
recognised 
on 
the 
basis 
of 
the 
delivery 
of 
the 
service. 
Congestion 
income 
is 
recognised 
for 
each 
month 
in 
accordance 
with 
the 
Energy 
Authority’s 
approval. 
Indirect 
taxes 
and 
discounts, 
etc., 
are 
deducted 
from 
the 
sales 
income 
when 
calculating 
turnover. 
IFRS 
15 
Revenue 
from 
Contracts 
with 
Customers 
The 
fundamental 
principle 
of 
the 
IFRS 
15 
standard 
is 
that 
sales 
revenue 
should 
be 
recognised 
when 
control 
over 
the 
goods 
or 
the 
service 
is 
transferred 
to 
the 
customer. 
A 
five-step 
process 
should 
be 
applied 
when 
recognising 
sales 
revenue: 
• 
Identification 
of 
client 
contracts 
• 
Identification 
of 
distinct 
performance 
obligations 
• 
Specification 
of 
the 
contractual 
transaction 
price 
• 
Allocation 
of 
the 
transaction 
price 
to 
individual 
performance 
obligations, 
and 
• 
Recognition 
of 
sales 
revenue 
when 
each 
performance 
obligation 
is 
met. 
Sales 
recognition 
takes 
place 
on 
the 
basis 
of 
the 
supply 
of 
the 
service. 
Electricity 
transmission 
is 
recognised 
once 
the 
transmission 
has 
taken 
place. 
Balance 
power 
services 
are 
recognised 
on 
the 
basis 
of 
the 
delivery 
of 
the 
service. 
Fingrid 
has 
defined 
the 
performance 
obligations 
related 
to 
each 
agreement, 
and 
revenue 
recognition 
has 
been 
examined 
separately 
for 
each 
performance 
obligation. 
When 
determining 
the 
extent 
to 
which 
a 
performance 
obligation 
is 
met, 
a 
single 
method 
should 
be 
applied 
for 
all 
performance 
obligations 
to 
be 
met 
over 
time. 

 
 
 
 
109 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Connection 
agreements 
are 
long 
term 
and 
can 
be 
terminated, 
at 
the 
earliest, 
15 
years 
from 
the 
date 
when 
they 
entered 
into 
force. 
If 
a 
customer 
does 
not 
receive 
an 
individual 
item 
of 
goods 
or 
a 
service 
against 
the 
connection 
fee, 
this 
must 
be 
recognised 
as 
revenue 
in 
the 
same 
way 
as 
the 
other 
revenue 
according 
to 
the 
contract, 
generally 
over 
the 
contract 
term. 
The 
revenue 
from 
connection 
agreements 
is 
accrued 
in 
IFRS 
turnover 
over 
a 
period 
of 
15 
years. 
The 
company 
reviews 
the 
revenue 
recognition 
principles 
for 
new 
products 
or 
when 
the 
business 
models 
change.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Judgements 
and 
estimates 
Inter-Transmission 
System 
Operator 
Compensation 
(ITC) 
Compensation 
for 
the 
transit 
transmissions 
of 
electricity 
has 
been 
agreed 
upon 
through 
an 
ITC 
(Inter 
-Transmission 
System 
Operator 
Compensation) 
agreement. 
The 
centralised 
calculations 
are 
carried 
out 
by 
ENTSO-E 
(the 
European 
Network 
of 
Transmission 
System 
Operators 
of 
Electricity). 
ITC 
compensation 
is 
determined 
on 
the 
basis 
of 
the 
compensation 
paid 
for 
use 
of 
the 
grid 
and 
transmission 
losses. 
The 
ITC 
calculations 
take 
into 
account 
the 
electricity 
transmissions 
between 
the 
various 
ITC 
agreement 
countries. 
ITC 
compensation 
can 
represent 
both 
an 
income 
and 
a 
cost 
for 
a 
transmission 
system 
operator. 
Fingrid’s 
share 
of 
the 
ITC 
compensation 
is 
determined 
on 
the 
basis 
of 
the 
cross 
-border 
electricity 
transmissions 
and 
imputed 
grid 
losses. 
ITC 
compensation 
is 
invoiced 
retroactively 
after 
all 
parties 
to 
the 
ITC 
agreement 
have 
approved 
the 
invoiced 
sums. 
Control 
is 
carried 
out 
monthly. 
This 
is 
why 
the 
ITC 
compensations 
for 
the 
months 
that 
have 
not 
been 
invoiced 
yet 
have 
been 
estimated 
in 
the 
financial 
statements. 
The 
estimate 
has 
been 
made 
using 
actual 
energy 
border 
transmissions 
in 
Finland 
and 
unit 
compensations, 
which 
have 
been 
estimated 
by 
analysing 
the 
actual 
figures 
from 
previous 
months 
and 
data 
on 
grid 
transmissions 
during 
these 
months.
4.1.4 
Revenue-related 
receivables 
and 
credit 
risk 
management
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4. 
TRADE 
RECEIVABLES 
AND 
OTHER 
RECEIVABLES, 
€1,000 
2025 
2024 
Non-current: 
Other 
receivables 
322 
228 
Total 
322 
228 
Current: 
Trade 
receivables 
115,726 
90,950 
Receivables 
from 
associated 
companies 
4 
21,195 
Accrued 
income 
25,413 
14,987 
Other 
receivables 
1,778 
703 
Total 
142,921 
127,835 
Total 
143,243 
128,063 
Essential 
items 
included 
in 
short-term 
accruals 
2025 
2024 
Accruals 
of 
sales 
3,318 
9,910 
Granted 
but 
unpaid 
subsidies 
19,062 
- 
Accruals 
of 
purchases/prepayments 
2,680 
2,176 
Interest 
receivables 
348 
2,184 
Tax 
assets 
- 
709 
Amortized 
personnel 
costs 
4 
8 
Total 
25,413 
14,987
Credit 
risk 
management 
– 
customers 
According 
to 
The 
Electricity 
Market 
Act, 
the 
company 
is 
obliged 
to 
accept 
regional 
and 
distribution 
network 
operators 
joining 
the 
grid 
as 
well 
as 
mainly 
large 
electricity 
producers 
and 
consumers 
that 
meet 
certain 
conditions 
as 
its 
customers. 
Accordingly, 
the 
company 
cannot 
choose 
its 
customers 
based 
on 
a 
credit 
risk 
analysis 
or 
collect 
different 
fees 
from 
them. 
In 
general, 
collateral 
are 
not 
required 
from 
the 
company’s 
customers 
to 
secure 
sales 
payments, 
but 
in 
the 
event 
of 
an 
overdue 
payment 
, 
this 
is 
possible. 
The 
company’s 
balance 
service 
customers 
are 
required 
to 
have 
collaterals 
to 
cover 
open 
imbalance 
power 
sales 
receivables 
and 
the 
estimated 
future 
counterparty 
risk 
due 
to 
the 
use 
of 
imbalance 
power. 
The 
Energy 
Authority 
decides 
on 
the 
principles 
for 
the 
determination 
of 
collateral 
required 
from 

 
 
 
 
 
 
 
110 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
balance 
service 
customers. 
The 
collaterals 
of 
balance 
service 
customers 
are 
managed 
by 
eSett 
Oy. 
At 
the 
turn 
of 
the 
year, 
the 
company 
had 
minor 
outstanding 
receivables, 
of 
which 
the 
credit 
risk 
was 
considered 
to 
be 
low, 
and 
the 
company 
estimates 
it 
will 
receive 
these 
payments. 
The 
company 
has 
no 
impairments 
related 
to 
receivables.
Netting 
of 
sales 
receivables 
and 
trade 
accounts 
payables 
The 
sales 
receivables 
and 
trade 
accounts 
payables 
are 
netted 
in 
the 
balance 
sheet 
as 
presented 
in 
the 
table 
below. 
The 
netted 
items 
are 
associated 
with 
purchases 
and 
sales 
of 
imbalance 
power. 
The 
company 
has 
a 
legally 
enforceable 
right 
of 
set-off 
to 
these 
items 
in 
any 
circumstance 
and 
will 
use 
this 
right.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5. 
NETTING 
OF 
TRADE 
RECEIVABLES 
AND 
TRADE 
PAYABLES 
€ 
1,000 
2025 
2024 
Gross 
amount 
of 
trade 
receivables/trade 
payables 
Amount 
of 
netted 
items 
Net 
amount 
of 
trade 
receivables 
and 
trade 
payables 
presented 
in 
the 
balance 
sheet 
Gross 
amount 
of 
trade 
receivables/trade 
payables 
Amount 
of 
netted 
items 
Net 
amount 
of 
trade 
receivables 
and 
trade 
payables 
presented 
in 
the 
balance 
sheet 
Trade 
receivables 
127,471 
-11,741 
115,730 
144,690 
-33,939 
110,751 
Trade 
payables 
43,304 
-11,741 
31,564 
71,688 
-33,939 
37,749 
Including 
trade 
receivables 
and 
trade 
payables 
from 
associated 
companies
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting 
principles 
Trade 
and 
other 
receivables 
Trade 
receivables 
and 
other 
receivables 
are 
recognised 
initially 
at 
the 
transaction 
price; 
subsequently 
they 
are 
measured 
at 
amortised 
cost 
using 
the 
effective 
interest 
rate 
method. 
Possible 
credit 
losses 
are 
assessed 
based 
on 
historical 
amounts 
of 
credit 
losses 
by 
taking 
into 
account 
forward 
-looking 
information 
on 
economic 
developments 
and 
receivable 
-specific 
assessments. 
Impairment 
losses 
are 
recognised 
directly, 
under 
other 
operating 
expenses, 
to 
reduce 
the 
carrying 
amount 
of 
the 
receivables.
4.1.5 
Operating 
expenses, 
liabilities 
and 
credit 
risk 
management 
for 
purchases
Cost 
increases 
due 
to 
new 
tasks 
and 
external 
changes 
on 
the 
electricity 
market 
affecting 
operations 
has 
been 
a 
special 
characteristic 
of 
grid 
operations 
in 
recent 
years. 
The 
new 
tasks 
include 
the 
changes 
required 
by 
the 
European 
network 
codes 
and 
the 
costs 
for 
developing 
these 
tasks 
and 
developing 
the 
Nordic 
imbalance 
settlement 
and 
the 
related 
markets. 
Some 
of 
the 
new 
tasks 
and 
responsibilities 
are 
assigned 
to 
Fingrid 
by 
law, 
which 
means 
the 
company 
must 
increasingly 
develop 
and 
back 
up 
its 
operations. 
The 
cost 
factors 
also 
include 
the 
expansion 
and 
increased 
complexity 
of 
the 
electricity 
system, 
society’s 
increasing 
dependency 
on 
the 
electricity 
system 
and 
needs 
related 
to 
information 
security, 
as 
well 
as 
the 
preparation 
and 
implementation 
of 
the 
company’s 
extensive 
investment 
programme. 
Fingrid 
continues 
to 
be 
one 
of 
the 
most 
cost 
-effective 
TSOs 
in 
the 
world 
in 
international 
benchmark 
studies. 
Another 
indication 
of 
high 
productivity 
is 
the 
fact 
that 
the 
company 
has 
been 
able 
to 
respond 
to 
the 
rapid 
change 
in 
the 
operating 
environment 
and 
the 
expansion 
of 
the 
power 
system. 
The 
most 
significant 
cost 
items 
are 
the 
imbalance 
power 
procurement, 
reserve 
costs 
and 
loss 
power 
costs. 
Reserves 
are 
needed 
to 
maintain 
the 
grid’s 
frequency 
and 
system 
security. 
Reserve 
obligations 
are 
determined 
on 
the 
Nordic 
level 
for 
the 
TSOs. 
The 
electricity 
market 
participants 
plan 
in 
advance 
the 
balance 
of 
their 
consumption 
and 
production, 
but 
the 
balancing 
of 
deviations 
during 
the 
delivery 
hour 
requires 
reserves, 
which 
Fingrid 
acquires 
from 
the 
markets 
it 
maintains. 
Reserves 
refer 
to 
power 
plants, 
demand 
facilities 
and 
energy 
storage 
facilities, 
which 
are 
able 
to 
adjust 
their 
electric 
power 
as 
needed. 
There 
are 
many 
types 
of 
reserves, 
and 
they 
are 
divided 
up 
based 
on 
their 
purpose. 
Loss 
power 
costs 
arise 
based 
on 
transmission 
losses 
in 
the 
main 
grid 
and 
the 
price 
of 
electricity. 
The 
company 
hedges 
against 
the 
cost 
of 
procuring 
loss 
power 
with 
derivatives. 
Information 
on 
loss 
power 
costs 
can 
be 
found 
in 
chapter 
4.1.7.

 
 
 
111 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
The 
Group’s 
R&D 
costs 
in 
2025 
amounted 
to 
EUR 
3.8 
(3.1) 
million.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6. 
MATERIALS 
AND 
SERVICES, 
€1,000 
2025 
2024 
Purchase 
of 
imbalance 
power 
282,099 
457,392 
Cost 
of 
reserves 
189,168 
217,645 
Loss 
power 
costs 
83,670 
81,099 
Maintenance 
management 
costs 
47,253 
39,832 
ITC 
costs 
12,477 
18,650 
Costs 
from 
transmission 
rights 
91,448 
85,523 
Change 
in 
inventories 
-2,020 
-1,424 
Other 
materials 
and 
services 
70,887 
34,880 
Total 
774,982 
933,597 
The 
increase 
in 
the 
item 
‘Other 
materials 
and 
services’ 
is 
due 
mainly 
to 
the 
increase 
in 
costs 
related 
to 
managing 
the 
power 
system.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7. 
OTHER 
OPERATING 
EXPENSES, 
€1,000 
2025 
2024 
Gains/losses 
from 
measuring 
derivatives 
at 
fair 
value 
-649 
38,469 
ICT 
expenses 
37,029 
36,016 
Administrative 
expenses 
3,288 
7,695 
Facility 
expenses 
2,835 
2,699 
Voluntary 
personnel 
expenses 
2,289 
2,049 
Other 
expenses 
13,278 
6,759 
Total 
58,070 
93,688 
The 
increase 
in 
the 
item 
‘Other 
expenses’ 
is 
primarily 
due 
to 
the 
higher 
loss 
on 
disposed 
property, 
plant 
and 
equipment 
(increase 
EUR 
1.2 
million) 
and 
insurance 
premiums 
(increase 
EUR 
0.8 
million).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Auditors' 
fees 
2025 
2024 
KPMG 
Oy 
Auditing 
fee 
96 
119 
Other 
fees 
158 
176 
Total 
254 
295 
Auditors' 
fees 
are 
included 
in 
other 
operating 
expenses.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8. 
TRADE 
PAYABLES 
AND 
OTHER 
LIABILITIES, 
€1,000 
2025 
2024 
Non-current: 
Accruals: 
congestion 
income* 
446,998 
429,919 
Other 
accruals 
176,095 
143,596 
Total 
623,093 
573,514 
Current: 
Trade 
payables 
29,512 
37,749 
Debts 
to 
associated 
companies 
2,052 
- 
Interest 
payable 
19,256 
21,147 
Value 
added 
tax 
5,472 
6,368 
Electricity 
tax 
1,161 
505 
Accruals 
393,673 
447,286 
Other 
debt 
1,413 
1,565 
Total 
452,538 
514,620 
Total 
1,075,632 
1,088,135 

 
 
 
 
 
 
 
112 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Essential 
items 
included 
in 
short-term 
liabilities 
2025 
2024 
Personnel 
expenses 
13,174 
11,618 
Accruals 
of 
sales 
and 
purchases 
23,002 
23,726 
Tax 
liabilities 
6,974 
28 
Congestion 
income* 
350,523 
411,914 
Total 
393,673 
447,286 
*Information 
on 
the 
accrual 
and 
use 
of 
congestion 
income 
can 
be 
found 
in 
chapter 
4.2.1.
Credit 
risk 
in 
purchasing 
The 
heads 
of 
functions 
are 
responsible 
for 
managing 
the 
counterparty 
risks 
related 
to 
the 
company’s 
service 
and 
equipment 
suppliers. 
The 
procurement 
policy 
and 
guidelines, 
and 
separate 
instructions 
set 
out 
the 
guarantees 
and 
financial 
eligibility 
criteria 
required 
of 
Fingrid’s 
suppliers 
and 
their 
monitoring
.
General 
procurement 
principles 
 
The 
Group 
follows 
three 
alternative 
procurement 
methods 
when 
purchasing 
goods 
or 
services. 
When 
the 
value 
of 
the 
purchase 
is 
less 
than 
60,000 
euros 
and 
the 
benefits 
of 
a 
competitive 
tender 
are 
smaller 
than 
the 
costs 
of 
the 
purchase, 
the 
purchase 
can 
be 
executed 
without 
a 
competitive 
tender 
or 
it 
can 
be 
executed 
through 
an 
oral 
request. 
A 
written 
order 
or 
purchasing 
agreement 
is 
always 
drawn 
up. 
When 
the 
estimated 
value 
of 
the 
procurement 
exceeds 
60,000 
euros 
but 
is 
below 
the 
threshold 
values 
applied 
to 
public 
procurements, 
the 
procurement 
is 
subject 
to 
competitive 
bidding 
by 
requesting 
written 
bids 
from 
the 
supplier 
candidates. 
When 
the 
public 
procurement 
threshold 
values 
that 
apply 
to 
Fingrid 
(in 
2025: 
EUR 
443,000 
for 
goods 
and 
services, 
EUR 
5,538,000 
for 
construction 
projects, 
EUR 
443,000 
for 
design 
competitions 
and 
EUR 
5,538,000 
for 
right-of-use 
agreements) 
are 
exceeded, 
the 
company 
follows 
the 
public 
procurement 
legislation 
applied 
to 
special 
sectors.
4.1.6 
Inventories 
Fingrid 
prepares 
for 
outages 
by 
owning 
and 
maintaining 
reserve 
power 
plants. 
The 
inventories 
contain 
fuel 
for 
reserve 
power 
plants, 
spare 
parts 
for 
submarine 
cables, 
back-up 
equipment 
and 
parts 
for 
substations, 
and 
repair 
equipment 
for 
transmission 
lines. 
The 
aim 
of 
stockpiling 
is 
to 
achieve 
sufficient 
preparedness 
at 
the 
substations 
and 
on 
the 
transmission 
lines 
owned 
by 
Fingrid 
in 
case 
of 
faults 
and 
events 
possibly 
occurring 
during 
times 
of 
crisis.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9. 
INVENTORIES, 
€1,000 
2025 
2024 
Materials 
and 
consumables 
Material 
stocks 
14,527 
11,995 
Fuel 
stocks 
8,021 
8,534 
Total 
22,548 
20,529
 
 
 
 
 
 
 
 
 
 
 
 
Accounting 
principles 
Inventories 
Inventories 
are 
measured 
at 
the 
lower 
of 
acquisition 
cost 
or 
net 
realisable 
value. 
The 
acquisition 
cost 
is 
determined 
using 
the 
FIFO 
principle. 
The 
net 
realisable 
value 
is 
the 
estimated 
market 
price 
in 
normal 
business 
reduced 
by 
the 
estimated 
future 
costs 
of 
completing 
and 
estimated 
costs 
required 
by 
sale. 
Inventories 
consist 
of 
material 
and 
fuel 
inventories.
4.1.7 
Management 
of 
commodity 
risks 
The 
company 
is 
exposed 
to 
electricity 
price 
and 
volume 
risk 
through 
transmission 
losses 
so 
that 
the 
company 
must 
acquire 
so 
-called 
loss 
power 
in 
an 
amount 
corresponding 
to 
the 
electricity 
transmission 
losses. 
A 
deviation 
from 
the 
predicted 
loss 
power 
costs 
can 
result 
in 
a 
deviation 
in 
the 
company’s 
turnover 
and 
operating 
profit. 
This 
can 
be 
a 

 
 
113 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
surplus 
or 
deficit 
in 
relation 
to 
the 
allowed 
reasonable 
return 
for 
the 
year 
in 
question. 
The 
company 
will 
aim 
to 
offset 
this 
during 
the 
regulatory 
period. 
Loss 
power 
purchases 
and 
the 
price 
hedging 
thereof 
are 
based 
on 
the 
Corporate 
Finance 
Principles 
approved 
by 
the 
Board 
of 
Directors. 
The 
physical 
loss 
power 
is 
procured 
from 
the 
NordPool 
power 
exchange 
at 
the 
day’s 
market 
price. 
The 
price 
risk 
of 
loss 
power 
procurement 
is 
hedged 
with 
electricity 
derivatives. 
The 
purpose 
of 
price 
hedging 
is 
to 
reduce 
the 
impact 
of 
market 
price 
volatility 
and 
enable 
sufficient 
predictability 
for 
loss 
power 
cost. 
The 
hedging 
service 
is 
outsourced 
to 
an 
external 
portfolio 
manager 
who 
decides 
on 
the 
implementation 
and 
timing 
of 
the 
hedge 
according 
to 
the 
specifications 
of 
the 
loss 
power 
policy 
and 
the 
given 
instructions. 
The 
portfolio 
manager 
implements 
the 
hedge 
with 
an 
OTC 
counterparty 
either 
directly 
or 
via 
the 
power 
exchange. 
The 
purchase 
price 
of 
loss 
power 
is 
hedged 
using 
derivatives 
such 
that 
the 
hedge 
horizon 
is 
four 
years 
at 
maximum. 
The 
price 
hedging 
is 
implemented 
with 
listed 
futures 
and 
forward 
contracts, 
including 
OTC 
forwards, 
which 
did 
not 
include 
collateral 
requirements 
in 
2024. 
The 
counterparty 
risk 
of 
bilateral 
contracts 
is 
managed 
with 
counterparty 
-specific 
limits. 
Commodity 
risks 
other 
than 
those 
related 
to 
loss 
energy 
purchases 
arise 
if 
the 
company 
enters 
into 
purchasing 
agreements 
in 
which 
the 
price 
of 
the 
underlying 
commodity 
influences 
the 
final 
price 
of 
the 
investment 
commodity 
(commodity 
price 
risk). 
The 
company 
uses 
derivatives 
to 
hedge 
against 
commodity 
price 
risks 
to 
the 
extent 
that 
the 
hedging 
instruments 
of 
the 
risk 
in 
question 
are 
cost 
-effectively 
available 
and 
the 
risk 
cannot 
otherwise 
be 
hedged. 
A 
summary 
of 
the 
derivatives 
is 
presented 
in 
Note 
24.
4.1.8 
Personnel 
Fingrid 
Oyj 
employed 
635 
(597) 
persons, 
including 
temporary 
employees, 
at 
the 
end 
of 
the 
year. 
The 
number 
of 
permanent 
personnel 
was 
573 
(534). 
Of 
the 
personnel 
employed 
by 
the 
company, 
26 
(27) 
per 
cent 
were 
women 
and 
74 
(73) 
per 
cent 
were 
men. 
The 
average 
age 
of 
the 
personnel 
was 
42 
(42).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10. 
PERSONNEL 
EXPENSES, 
€1,000 
2025 
2024 
Salaries 
and 
bonuses 
43,978 
40,065 
Pension 
expenses 
- 
contribution-based 
schemes 
7,245 
6,590 
Other 
additional 
personnel 
expenses 
1,296 
981 
Total 
52,518 
47,636
Personnel 
costs 
amounted 
to 
EUR 
57.0 
(52.2) 
million, 
of 
which 
EUR 
4.5 
(4.6) 
million 
was 
capitalised 
to 
investment 
projects. 
In 
2025, 
the 
Group 
applied 
a 
remuneration 
system 
for 
senior 
management; 
the 
general 
principles 
of 
the 
system 
were 
accepted 
by 
the 
Board 
of 
Directors 
of 
Fingrid 
Oyj 
on 
20 
December 
2024. 
The 
total 
remuneration 
of 
the 
President 
& 
CEO 
and 
the 
members 
of 
the 
Executive 
Management 
Group 
consists 
of 
a 
fixed 
total 
salary, 
a 
one-year 
bonus 
scheme, 
and 
a 
three 
-year 
long-term 
incentive 
scheme. 
The 
maximum 
amount 
of 
the 
one-year 
bonus 
scheme 
payable 
to 
the 
CEO 
was 
40 
per 
cent 
of 
the 
annual 
salary 
and 
to 
the 
other 
members 
of 
the 
executive 
management 
group 
25 
per 
cent 
of 
the 
annual 
salary. 
The 
maximum 
amount 
of 
the 
annual 
long-term 
incentive 
scheme 
payable 
to 
the 
CEO 
was 
35 
per 
cent 
and 
to 
the 
other 
members 
of 
the 
executive 
management 
group 
25 
per 
cent. 
The 
Group 
currently 
has 
contribution 
-based 
pension 
schemes 
only. 
The 
pension 
security 
of 
the 
Group's 
personnel 
is 
arranged 
by 
an 
external 
pension 
insurance 
company. 
Pension 
premiums 
paid 
for 
contribution 
-based 
schemes 
are 
recognised 
as 
an 
expense 
in 
the 
income 
statement 
in 
the 
year 
to 
which 
they 
relate. 
In 
contribution 
-based 
schemes, 
the 
Group 
has 
no 
legal 
or 
factual 
obligation 
to 
pay 
additional 
premiums 
if 
the 
party 
receiving 
the 
premiums 
is 
unable 
to 
pay 
the 
pension 
benefits.
NUMBER 
OF 
SALARIED 
EMPLOYEES 
IN 
THE 
COMPANY 
DURING 
THE 
FINANCIAL 
YEAR: 
2025 
2024 
Personnel, 
average 
622 
588 
Personnel, 
31 
Dec 
635 
597

 
 
 
 
114 
FINGRID 
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www.fingrid.fi 
3 
March 
2026 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting 
principles 
Employee 
benefits 
Pension 
obligations 
The 
company 
has 
only 
defined 
contribution 
-based 
pension 
schemes. 
A 
defined 
contribution 
-based 
pension 
arrangement 
refers 
to 
a 
pension 
scheme 
according 
to 
which 
fixed 
contributions 
are 
paid 
into 
a 
separate 
entity, 
and 
the 
Group 
bears 
no 
legal 
or 
actual 
obligation 
to 
make 
additional 
contributions 
if 
the 
fund 
does 
not 
contain 
sufficient 
funds 
to 
pay 
out 
benefits 
based 
on 
work 
performed 
during 
current 
and 
previous 
financial 
periods 
to 
all 
employees. 
Under 
defined 
contribution 
-based 
pension 
schemes, 
the 
Group 
pays 
mandatory, 
contractual 
or 
voluntary 
contributions 
into 
publicly 
or 
privately 
managed 
pension 
insurance 
policies. 
The 
Group 
has 
no 
other 
contribution 
obligations 
in 
addition 
to 
those 
payments. 
The 
payments 
are 
entered 
as 
personnel 
costs 
when 
they 
fall 
due. 
Advance 
payments 
are 
entered 
in 
the 
balance 
sheet 
as 
assets 
insofar 
as 
they 
are 
recoverable 
as 
refunds 
or 
deductions 
from 
future 
payments.
4.1.9 
Taxes 
The 
company 
will 
pay 
its 
income 
taxes 
in 
accordance 
with 
the 
underlying 
tax 
rate, 
without 
special 
tax 
arrangements. 
Income 
taxes 
consist 
of 
direct 
taxes 
and 
the 
change 
in 
deferred 
tax: 
EUR 
-71.7 
(-34.4) 
million 
and 
EUR 
27.2 
(-2.8) 
million 
respectively. 
Fingrid’s 
effective 
tax 
rate 
is 
essentially 
comparable 
to 
Finland’s 
corporate 
tax 
rate 
of 
20 
%, 
taking 
into 
account 
Fingrid’s 
share 
of 
the 
associated 
company’s 
revenue.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11. 
DEFERRED 
TAX 
ASSETS 
AND 
LIABILITIES, 
€ 
1,000 
Changes 
in 
deferred 
taxes 
in 
2025: 
Deferred 
tax 
assets 
31 
Dec 
2024 
Recorded 
in 
income 
statement 
at 
profit 
or 
loss 
31 
Dec 
2025 
Provisions 
571 
21 
591 
Trade 
payables 
and 
other 
liabilities 
1,053 
-141 
912 
Losses 
confirmed 
in 
taxation 
934 
-628 
307 
Derivative 
instruments 
7,764 
-1,603 
6,161 
Congestion 
income 
20,271 
22,528 
42,799 
Connection 
fees 
(IFRS 
15) 
30,337 
6,757 
37,094 
Lease 
liabilities 
(IFRS 
16) 
10,271 
1,083 
11,354 
Property, 
plant 
and 
equipment, 
tangible 
and 
intangible 
assets 
36 
-27 
9 
Total 
71,237 
27,990 
99,227 
Deferred 
tax 
liabilities 
Accumulated 
depreciations 
difference 
-73,819 
- 
-73,819 
Property, 
plant 
and 
equipment, 
tangible 
and 
intangible 
assets 
-38,863 
-2,803 
-41,666 
Other 
receivables 
-1,024 
772 
-252 
Right-of-use 
assets 
(IFRS 
16) 
-9,958 
-976 
-10,934 
Other 
financial 
assets 
-1,829 
543 
-1,286 
Borrowings 
-855 
78 
-777 
Derivative 
instruments 
-3,156 
1,565 
-1,591 
Total 
-129,504 
-821 
-130,326 
Changes 
in 
deferred 
taxes 
in 
2024: 
Deferred 
tax 
assets 
31 
Dec 
2023 
Recorded 
in 
income 
statement 
at 
profit 
or 
loss 
31 
Dec 
2024 

 
 
 
 
115 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Provisions 
574 
-3 
571 
Trade 
payables 
and 
other 
liabilities 
1,883 
-830 
1,053 
Losses 
confirmed 
in 
taxation 
1,068 
-133 
934 
Derivative 
instruments 
4,214 
3,549 
7,764 
Congestion 
income 
19,714 
556 
20,271 
Connection 
fees 
(IFRS 
15) 
23,749 
6,588 
30,337 
Lease 
liabilities 
(IFRS 
16) 
246 
10,025 
10,271 
Property, 
plant 
and 
equipment, 
tangible 
and 
intangible 
assets 
64 
-27 
36 
Total 
51,513 
19,725 
71,237 
Deferred 
tax 
liabilities 
Accumulated 
depreciations 
difference 
-61,479 
-12,340 
-73,819 
Property, 
plant 
and 
equipment, 
tangible 
and 
intangible 
assets 
-35,478 
-3,385 
-38,863 
Other 
receivables 
316 
-1,340 
-1,024 
Right-of-use 
assets 
(IFRS 
16) 
- 
-9,958 
-9,958 
Other 
financial 
assets 
-1,102 
-727 
-1,829 
Borrowings 
-1,568 
713 
-855 
Derivative 
instruments 
-7,673 
4,517 
-3,156 
Total 
-106,984 
-22,520 
-129,504
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting 
principles 
Income 
taxes 
Taxes 
presented 
in 
the 
consolidated 
income 
statement 
include 
the 
Group 
companies’ 
accrual 
taxes 
for 
the 
profit 
of 
the 
financial 
year, 
tax 
adjustments 
from 
previous 
financial 
years 
and 
changes 
in 
deferred 
taxes. 
Deferred 
taxes 
are 
recorded 
in 
accordance 
with 
Finland’s 
statutory 
corporate 
tax 
rate 
of 
20%. 
Taxes 
are 
recognised 
in 
the 
income 
statement 
unless 
they 
are 
linked 
with 
other 
comprehensive 
income, 
in 
which 
case 
the 
tax 
is 
also 
recognised 
in 
other 
comprehensive 
income.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred 
tax 
assets 
and 
liabilities 
are 
recognised 
on 
all 
temporary 
differences 
between 
the 
tax 
values 
of 
asset 
and 
liability 
items 
and 
their 
carrying 
amounts 
using 
the 
liability 
method. 
Deferred 
tax 
is 
recognised 
using 
tax 
rates 
valid 
up 
until 
the 
closing 
date. 
The 
deferred 
tax 
liabilities 
arising 
from 
the 
original 
recognition 
of 
goodwill 
will 
not 
be 
recognised, 
however. 
Deferred 
tax 
liabilities 
will 
also 
not 
be 
recognised 
if 
they 
are 
caused 
by 
the 
original 
recognition 
of 
the 
asset 
or 
liability 
and 
the 
item 
is 
not 
related 
to 
a 
merger 
and 
the 
transaction 
will 
not 
affect 
the 
accounting 
totals 
or 
the 
taxable 
revenue 
during 
its 
implementation. 
The 
deferred 
tax 
assets 
are 
shown 
as 
non-current 
receivables 
and 
deferred 
tax 
liabilities 
correspondingly 
as 
non-current 
liabilities. 
The 
largest 
temporary 
differences 
result 
from 
the 
property, 
plant 
and 
equipment 
depreciation 
difference, 
depreciations, 
financial 
instruments, 
recognition 
of 
connection 
fees, 
and 
from 
the 
use 
of 
congestion 
income 
for 
capital 
expenditure. 
The 
deferred 
tax 
asset 
from 
temporary 
differences 
is 
recognised 
up 
to 
an 
amount 
which 
can 
likely 
be 
utilised 
against 
future 
taxable 
income.
4.2 
Investments 
4.2.1 
Grid 
assets 
The 
company’s 
total 
capital 
expenditure 
in 
2025 
amounted 
to 
EUR 
485.1 
(520.9) 
million. 
This 
included 
a 
total 
of 
EUR 
449.5 
(491.8) 
million 
invested 
in 
the 
transmission 
grid 
and 
EUR 
14.5 
(8.3) 
million 
for 
reserve 
power. 
ICT 
investments 
amounted 
to 
EUR 
21.1 
(20.8) 
million. 
A 
total 
of 
EUR 
3.8 
(3.1) 
million 
was 
used 
for 
R&D 
projects 
during 
the 
year 
under 
review. 
In 
2025, 
Fingrid 
completed 
27 
new 
or 
expanded 
power 
system 
substations 
and 
341 
kilometres 
of 
transmission 
lines.

 
 
 
 
 
 
 
 
 
 
116 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Grid 
assets 
are 
recognised 
at 
fair 
value 
for 
the 
purposes 
of 
the 
company’s 
regulatory 
balance 
sheet. 
The 
regulatory 
fair 
value 
of 
the 
transmission 
network 
assets 
(adjusted 
replacement 
cost) 
is 
calculated 
by 
adding 
up 
the 
adjusted 
replacement 
costs 
for 
each 
grid 
component; 
these 
are 
calculated 
by 
multiplying 
the 
unit 
price 
specified 
by 
the 
Energy 
Authority 
with 
the 
number 
of 
grid 
components. 
When 
calculating 
the 
fair 
value 
of 
the 
main 
grid 
in 
2025, 
the 
unit 
prices 
from 
2022 
are 
used 
for 
grid 
components 
compl 
eted 
before 
2024, 
as 
per 
the 
regulatory 
method. 
For 
grid 
components 
completed 
in 
2025, 
the 
company 
uses 
an 
estimate 
of 
the 
unit 
prices 
for 
the 
grid 
components 
for 
the 
regulatory 
period 
2024–2027, 
which 
the 
Energy 
Authority 
will 
confirm 
when 
the 
regulatory 
period 
expires. 
The 
adjusted 
present 
value 
in 
use 
for 
a 
grid 
component 
is 
calculated 
based 
on 
the 
adjusted 
replacement 
cost, 
using 
the 
useful 
life 
and 
mean 
lifetime 
data 
of 
the 
grid 
component.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Congestion 
income 
Congestion 
income 
is 
generated 
because 
of 
an 
insufficient 
transmission 
capacity 
between 
the 
bidding 
zones 
of 
an 
electricity 
exchange. 
In 
such 
cases, 
the 
bidding 
zones 
become 
separate 
price 
areas, 
and 
the 
transmission 
link 
joining 
them 
generates 
congestion 
income 
in 
the 
electricity 
exchange 
as 
follows: 
congestion 
income 
[€/h] 
= 
transmission 
volume 
in 
the 
day-ahead 
markets 
[MW] 
* 
area 
price 
difference 
[€/MWh]. 
The 
basis 
for 
this 
is 
that 
a 
seller 
operating 
in 
a 
lower 
priced 
area 
receives 
less 
for 
their 
power 
than 
what 
a 
buyer 
pays 
for 
it 
in 
a 
higher 
priced 
area. 
The 
additional 
income 
caused 
by 
this 
price 
difference, 
i.e. 
congestion 
income, 
remains 
in 
the 
electricity 
exchange, 
which 
then 
pays 
the 
income 
to 
the 
TSOs 
as 
per 
the 
contractual 
terms. 
Finland 
is 
a 
single 
price 
area 
and 
congestion 
income 
is 
not 
generated 
from 
the 
internal 
transmission 
connections. 
The 
congestion 
income 
received 
by 
a 
grid 
owner 
must 
be 
used 
for 
the 
purposes 
stated 
in 
EU 
Regulation 
2019/943, 
Article 
19: 
guaranteeing 
the 
actual 
availability 
of 
the 
allocated 
capacity, 
maintaining 
or 
increasing 
interconnection 
capacities 
through 
network 
investments, 
covering 
the 
costs 
of 
maintaining 
said 
capacity, 
and 
recognising 
congestion 
income 
in 
the 
company’s 
turnover. 
The 
long-term 
transmission 
rights 
(LTTR) 
adopted 
between 
Finland 
and 
Estonia 
are 
Financial 
Transmission 
Rights 
(FTR) 
from 
Finland 
to 
Estonia, 
which 
are 
issued 
by 
the 
transmission 
system 
operators 
and 
cleared 
financially. 
The 
underlying 
asset 
of 
FTRs 
is 
the 
price 
difference 
between 
the 
Finnish 
and 
Estonian 
price 
areas. 
The 
FTRs 
are 
offered 
as 
yearly 
and 
monthly 
products 
and 
cover 
roughly 
two 
thirds 
of 
the 
electricity 
transmission 
capacity 
between 
Finland 
and 
Estonia. 
The 
owner 
of 
an 
FTR 
is 
entitled 
to 
receive 
a 
payment 
when 
the 
price 
difference 
is 
positive 
in 
the 
agreed 
transmission 
direction. 
This 
payment 
to 
the 
FTR 
holder 
is 
included 
in 
the 
costs 
to 
be 
covered 
by 
Fingrid’s 
congestion 
income. 
The 
FTRs 
are 
distributed 
to 
the 
buyers 
in 
an 
auction 
on 
the 
pan-European 
trading 
platform, 
which 
determines 
the 
price 
according 
to 
the 
margin 
pricing 
principle, 
at 
the 
point 
where 
demand 
and 
supply 
meet. 
The 
auction 
prices 
paid 
for 
FTRs 
are 
included 
in 
the 
congestion 
income 
accrued 
to 
Fingrid. 
In 
Europe, 
the 
Joint 
Allocation 
Office 
(JAO) 
is 
responsible 
for 
arranging 
the 
auctions 
and 
maintaining 
the 
trading 
platform.
 
 
 
 
 
12. 
CONGESTION 
INCOME, 
MEUR 
2025 
2024 
Unused 
on 
1 
Jan 
841.8 
975.7 
Accumulated 
congestion 
income 
349.3 
327.5 
Incomes 
matching 
congestion 
income 
81.9 
301.0 
Expenses 
matching 
congestion 
income 
49.9 
44.5 
Allocated 
to 
transmission 
right 
compensations 
91.4 
85.5 
Investments 
matching 
congestion 
income 
170.4 
30.4 
Unused 
on 
31 
Dec 
797.5 
841.8
Fingrid’s 
congestion 
income 
from 
cross 
-border 
transmission 
connections 
totalled 
EUR 
349.3 
(327.5) 
million. 
Unused 
congestion 
income 
amounts 
to 
EUR 
797.5 
(841.8) 
million 
euros 
and 
is 
part 
of 
the 
company’s 
financial 
assets. 
Congestion 
income 
is 
used 
for 
the 
benefit 
of 
the 
company’s 
customers 
in 
transmission 
capacity 
investments 
that 
improve 
the 
functioning 
of 
the 
electricity 
markets 
and 
to 
cover 
costs 
related 
to 
cro 
ss-border 
transmission 
and 
the 
operations 
of 
the 
electricity 
markets. 
The 
congestion 
income 
accrued 
to 
Fingrid 
was 
lower 
than 
the 
congestion 
income 
used, 
which 
decreased 
the 
amount 
of 
accrued 
congestion 
income 
on 
the 
balance 
sheet. 
The 
majority 
of 
the 
accrued 
unused 
congestion 
income 
was 
generated 
during 
the 
exceptional 
energy 
market 
conditions 
of 
2022.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting 
principles 
Congestion 
income 
The 
congestion 
income 
is 
included 
as 
accruals 
in 
the 
item 
Other 
liabilities 
in 
the 
balance 
sheet. 
Of 
accruals, 
congestion 
income 
is 
recognised 
in 
the 
income 
statement 
in 
other 
operating 
income 
in 
compliance 
with 
the 
accrual 
of 
costs 
defined 
in 
regulation 
and 
in 
turnover 
to 
the 
extent 
that 
congestion 
income 
can 
be 
directly 
recognised 
for 
the 
benefit 
of 
grid 
customers. 
Alternatively, 
they 
are 
entered 
in 
the 
balance 
sheet 
against 
investments, 
as 
defined 
by 
regulation, 
to 
lower 
the 
acquisition 
cost 
of 
property, 
plant 
and 
equipment, 
which 
lowers 
the 
depreciation 
of 
the 
property, 
plant 
and 
equipment 
in 
question. 
Fingrid 
reports 
the 
share 
of 
congestion 
income 
to 
be 
used 
during 
the 
next 
year 
in 
short 
-term 
liabilities. 
The 
Energy 
Authority’s 
decisions 
during 
the 
regulatory 
period 
guide 
the 
use 
of 
congestion 
income. 
The 
decisions 
of 
the 
Energy 
Authority 
during 
the 
regulatory 
period 
determine 
how 
congestion 
income 
is 
used. 

117 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Public 
contributions 
Public 
contributions 
received 
from 
the 
EU 
or 
other 
parties 
related 
to 
property, 
plant 
and 
equipment 
are 
deducted 
from 
the 
acquisition 
cost 
of 
the 
item, 
and 
the 
contributions 
consequently 
reduce 
the 
depreciation 
made 
on 
the 
item. 
Other 
contributions 
are 
distributed 
as 
income 
over 
those 
periods 
when 
costs 
linked 
with 
the 
contributions 
arise. 
Other 
contributions 
received 
are 
presented 
in 
other 
operating 
income. 
Investments 
financed 
with 
congestion 
income 
and 
public 
contributions 
are 
not 
included 
in 
the 
company’s 
regulatory 
asset 
base. 
For 
investments 
financed 
with 
congestion 
income, 
the 
company 
is 
entitled 
to 
regulatory 
depreciation 
of 
grid 
assets. 
The 
company 
cannot 
gain 
the 
allowed 
return 
on 
investments 
financed 
with 
congestion 
income 
or 
public 
contributions, 
but 
covers 
the 
operational 
costs 
and 
risks 
associated 
with 
these 
investments.

 
118 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
4.2.2 
Tangible 
and 
intangible 
assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13. 
PROPERTY, 
PLANT 
AND 
EQUIPMENT, 
€ 
1,000 
2025 
Land 
and 
water 
areas 
Buildings 
and 
structures 
Machinery 
and 
equipment 
Transmission 
lines 
Other 
property, 
plant 
and 
equipment 
Prepayments 
and 
purchases 
in 
progress 
Total 
Cost 
at 
1 
Jan 
26,069 
536,832 
1,577,293 
1,483,229 
110 
527,918 
4,151,452 
Increases 
1 
Jan–31 
Dec 
782 
101,344 
198,706 
62,557 
- 
297,830 
661,219 
Decreases 
1 
Jan–31 
Dec 
- 
-2,375 
-27,249 
-2,893 
- 
- 
-32,517 
Transfers 
to 
other 
tangible 
and 
intangible 
assets 
1 
Jan–31 
Dec 
- 
- 
- 
- 
- 
-369,272 
-369,272 
Cost 
at 
31 
Dec 
26,852 
635,802 
1,748,749 
1,542,893 
110 
456,476 
4,410,882 
Accumulated 
depreciation 
1 
Jan 
- 
-152,963 
-894,720 
-771,877 
- 
- 
-1,819,560 
Decreases, 
depreciation 
1 
Jan–31 
Dec 
- 
2,236 
23,179 
1,875 
- 
- 
27,290 
Depreciation 
1 
Jan–31 
Dec 
- 
-18,724 
-61,713 
-41,370 
- 
- 
-121,807 
Carrying 
amount 
1 
Jan 
26,069 
383,869 
682,573 
711,352 
110 
527,918 
2,331,891 
Carrying 
amount 
31 
Dec 
26,852 
466,350 
815,495 
731,521 
110 
456,476 
2,496,804 
2024 
Land 
and 
water 
areas 
Buildings 
and 
structures 
Machinery 
and 
equipment 
Transmission 
lines 
Other 
property, 
plant 
and 
equipment 
Prepayments 
and 
purchases 
in 
progress 
Total 
Cost 
at 
1 
Jan 
24,142 
491,434 
1,472,744 
1,434,856 
110 
271,781 
3,695,067 
Increases 
1 
Jan–31 
Dec 
1,927 
45,398 
104,549 
48,624 
- 
463,579 
664,077 
Decreases 
1 
Jan–31 
Dec 
- 
- 
- 
-252 
- 
- 
-252 
Transfers 
to 
other 
tangible 
and 
intangible 
assets 
1 
Jan–31 
Dec 
- 
- 
- 
- 
- 
-207,441 
-207,441 
Cost 
at 
31 
Dec 
26,069 
536,832 
1,577,293 
1,483,229 
110 
527,918 
4,151,452 
Accumulated 
depreciation 
1 
Jan 
- 
-136,134 
-837,761 
-732,175 
- 
- 
-1,706,070 
Decreases, 
depreciation 
1 
Jan–31 
Dec 
- 
- 
- 
137 
- 
- 
137 
Depreciation 
1 
Jan–31 
Dec 
- 
-16,829 
-56,959 
-39,839 
- 
- 
-113,628 
Carrying 
amount 
1 
Jan 
24,142 
355,300 
634,983 
702,681 
110 
271,781 
1,988,997 
Carrying 
amount 
31 
Dec 
26,069 
383,869 
682,573 
711,352 
110 
527,918 
2,331,891 
Capitalised 
interest 
expenses 
on 
property, 
plant 
and 
equipment 
amounted 
to 
EUR 
19.8 
(6.8) 
million 
in 
2025. 
Capitalised 
intere 
st 
totalled 
EUR 
39.3 
(24.6) 
million 
on 
31 
December 
2025. 
In 
2025, 
EUR 
170.4 
(30.4) 
million 
in 
congestion 
income 
was 
booked 
in 
investments 
to 
reduce 
these 
and 
EUR 
19.1 
(26.6) 
million 
in 
investment 
subsidies.
The 
impact 
of 
the 
change 
in 
the 
value 
of 
investment-related 
derivatives 
on 
purchases 
in 
progress 
was 
EUR 
0.0 
(0.2) 
million.

 
 
 
 
 
 
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14. 
GOODWILL 
AND 
INTANGIBLE 
ASSETS, 
€1,000 
2025 
Goodwill 
Land 
use 
rights 
Other 
intangible 
assets 
Total 
Cost 
at 
1 
Jan 
87,920 
104,537 
133,716 
326,174 
Increases 
1 
Jan–31 
Dec 
- 
1,255 
6,533 
7,788 
Decreases 
1 
Jan–31 
Dec 
- 
-252 
-5,440 
-5,692 
Cost 
at 
31 
Dec 
87,920 
105,540 
134,810 
328,270 
Accumulated 
amortisation 
1 
Jan 
- 
- 
-76,683 
-76,683 
Amortisation 
1 
Jan–31 
Dec 
- 
- 
-12,107 
-12,107 
Decreases, 
amortisation 
1 
Jan–31 
Dec 
- 
- 
5,150 
5,150 
Carrying 
amount 
1 
Jan 
87,920 
104,537 
57,034 
249,491 
Carrying 
amount 
31 
Dec 
87,920 
105,540 
51,170 
244,630 
2024 
Goodwill 
Land 
use 
rights 
Other 
intangible 
assets 
Total 
Cost 
at 
1 
Jan 
87,920 
102,463 
128,690 
319,073 
Increases 
1 
Jan–31 
Dec 
- 
2,075 
5,432 
7,506 
Decreases 
1 
Jan–31 
Dec 
- 
- 
-406 
-406 
Cost 
at 
31 
Dec 
87,920 
104,537 
133,716 
326,174 
Accumulated 
amortisation 
1 
Jan 
- 
- 
-65,055 
-65,055 
Amortisation 
1 
Jan–31 
Dec 
- 
- 
-11,628 
-11,628 
Carrying 
amount 
1 
Jan 
87,920 
102,463 
63,635 
254,018 
Carrying 
amount 
31 
Dec 
87,920 
104,537 
57,034 
249,491
 
 
 
 
 
 
 
 
 
 
GROSS 
CAPITAL 
EXPENDITURE, 
MEUR 
2025 
2024 
Increases 
to 
tangible 
and 
intangible 
assets 
and 
transfers 
from 
prepayments 
and 
purchases 
in 
progress 
to 
other 
tangible 
and 
intangible 
assets 
295.7 
464.1 
Allocation 
of 
congestion 
income 
170.4 
30.4 
Allocation 
of 
investment 
subsidies 
19.1 
26.6 
Change 
in 
fair 
value 
of 
derivatives 
related 
to 
capital 
expenditure 
- 
-0.2 
Gross 
capital 
expenditure 
485.1 
520.9
Land 
use 
rights 
are 
not 
amortised 
but 
tested 
annually 
for 
impairment 
in 
connection 
with 
the 
testing 
of 
goodwill. 
The 
entire 
business 
of 
the 
Fingrid 
Group 
is 
grid 
operations 
in 
Finland 
with 
system 
responsibility, 
which 
the 
full 
goodwill 
of 
the 
Group 
in 
the 
balance 
sheet 
is 
fully 
allocated 
to. 
The 
goodwill 
included 
in 
the 
balance 
sheet 
amounts 
to 
EUR 
87.9 
million 
and 
has 
not 
changed 
during 
the 
periods 
under 
review. 
Since 
the 
regulatory 
value 
of 
the 
grid 
assets 
in 
use 
is 
approximately 
EUR 
3,400 
million, 
compared 
to 
a 
carrying 
amount 
of 
EUR 
2,796 
million, 
which 
includes 
land 
use 
rights, 
goodwill 
and 
right-of-use 
assets, 
the 
carrying 
amount 
of 
the 
assets 
is 
not 
impaired.
 
 
 
 
Accounting 
principles 
 
 
 
 
 
 
 
 
 
 
Property, 
plant 
and 
equipment 
Grid 
assets 
form 
most 
of 
the 
property, 
plant 
and 
equipment. 
Grid 
assets 
include, 
among 
other 
things, 
400 
kV, 
220 
kV, 
110 
kV 
transmission 
lines, 
direct 
current 
lines, 
transmission 
line 
right-of-ways, 
substations 
and 
the 
areas 
they 
encompass 
(buildings, 
structures, 
machinery 
and 
equipment, 
substation 
access 
roads), 
gas 
turbine 
power 
plants, 
fuel 
tanks, 
generators 
and 
turbines. 

 
 
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Property, 
plant 
and 
equipment 
are 
valued 
in 
the 
balance 
sheet 
at 
the 
original 
acquisition 
cost 
less 
accumulated 
depreciation 
and 
potential 
impairment. 
If 
an 
asset 
is 
made 
up 
of 
several 
parts 
with 
useful 
lives 
of 
different 
lengths, 
the 
parts 
are 
treated 
as 
separate 
items 
and 
are 
depreciated 
over 
their 
separate 
useful 
lives. 
When 
a 
part 
of 
property, 
plant 
and 
equipment 
that 
is 
treated 
as 
a 
separate 
item 
is 
replaced, 
the 
costs 
relating 
to 
the 
new 
part 
are 
capitalised. 
Other 
subsequent 
costs 
are 
capitalised 
only 
if 
it 
is 
likely 
that 
the 
future 
economic 
benefit 
relating 
to 
the 
asset 
benefits 
the 
Group 
and 
the 
acquisition 
cost 
of 
the 
asset 
can 
be 
determined 
reliably. 
Repair 
and 
maintenance 
costs 
are 
recognised 
in 
the 
income 
statement 
when 
they 
are 
incurred. 
Borrowing 
costs, 
such 
as 
interest 
costs 
and 
arrangement 
fees, 
directly 
linked 
with 
the 
acquisition, 
construction 
or 
manufacture 
of 
a 
qualifying 
asset 
form 
part 
of 
the 
acquisition 
cost 
of 
the 
asset 
item 
in 
question. 
A 
qualifying 
asset 
is 
one 
that 
necessarily 
requires 
a 
considerably 
long 
time 
to 
be 
made 
ready 
for 
its 
intended 
purpose. 
Other 
borrowing 
costs 
are 
recognised 
as 
an 
expense. 
Borrowing 
costs 
included 
in 
the 
acquisition 
cost 
are 
calculated 
on 
the 
basis 
of 
the 
average 
borrowing 
cost 
of 
the 
Group. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property, 
plant 
and 
equipment 
is 
depreciated 
over 
the 
useful 
life 
of 
the 
item 
using 
the 
straight 
-line 
method. 
Depreciation 
on 
property, 
plant 
and 
equipment 
taken 
into 
use 
during 
the 
financial 
year 
is 
calculated 
on 
an 
item 
-by-item 
basis 
from 
the 
month 
of 
introduction. 
Land 
and 
water 
areas 
are 
not 
depreciated. 
The 
expected 
economic 
lives 
are 
verified 
at 
each 
closing 
date, 
and 
if 
they 
differ 
significantly 
from 
the 
earlier 
estimates, 
the 
depreciation 
periods 
are 
amended 
accordingly. 
The 
depreciation 
periods 
of 
property, 
plant 
and 
equipment 
are 
as 
follows: 
 
Buildings 
and 
structure 
 
Substation 
buildings 
and 
separate 
buildings 
40 
years 
 
Substation 
structures 
30 
years 
 
Buildings 
and 
structures 
at 
gas 
turbine 
power 
plants 
20-40 
years 
 
Separate 
structures 
15 
years 
 
Transmission 
lines 
 
Transmission 
lines 
400 
kV 
40 
years 
 
Direct 
current 
lines 
40 
years 
 
Transmission 
lines 
110 
-220 
kV 
30 
years 
 
Creosote-impregnated 
towers 
and 
related 
disposal 
costs 
30 
years 
 
Aluminium 
towers 
of 
transmission 
lines 
(400 
kV) 
10 
years 
 
Optical 
ground 
wires 
10-20 
years 
 
Machinery 
and 
equipment 
 
Substation 
machinery 
10-30 
years 
 
Gas 
turbine 
power 
plants 
20 
years 
 
Other 
machinery 
and 
equipment 
3-5 
years
Gains 
or 
losses 
from 
the 
sale 
or 
disposition 
of 
property, 
plant 
and 
equipment 
are 
recognised 
in 
the 
income 
statement 
under 
either 
other 
operating 
income 
or 
expenses. 
Property, 
plant 
and 
equipment 
are 
derecognised 
in 
the 
balance 
sheet 
when 
their 
economic 
useful 
life 
has 
expired, 
the 
asset 
has 
been 
sold, 
scrapped 
or 
otherwise 
disposed 
of 
to 
an 
outsider.
 
 
Goodwill 
and 
other 
intangible 
assets 
 
 
 
 
 
 
 
 
 
 
Goodwill 
created 
as 
a 
result 
of 
the 
acquisition 
of 
enterprises 
and 
businesses 
is 
composed 
of 
the 
difference 
between 
the 
acquisition 
cost 
and 
the 
net 
identifiable 
assets 
of 
the 
acquired 
business 
valued 
at 
fair 
value. 
Goodwill 
is 
allocated 
to 
the 
transmission 
grid 
business 
and 
is 
tested 
annually 
for 
impairment. 
Impairment 
testing 
is 
carried 
out 
by 
comparing 
the 
regulatory 
fair 
value 
to 
the 
carrying 
amount 
of 
net 
assets 
included 
in 
the 
company’s 
grid 
assets. 
Regulatory 
recognition 
at 
fair 
value 
is 
presented 
in 
chapter 
4.2.1. 
and 
impairment 
is 
discussed 
in 
chapter 
4.2.
2. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other 
intangible 
assets 
consist 
of 
computer 
software 
and 
land 
use 
and 
emission 
rights. 
Computer 
software 
is 
valued 
at 
its 
original 
acquisition 
cost 
and 
amortised 
on 
a 
straight 
line 
basis 
during 
its 
estimated 
useful 
life. 
According 
to 
IFRIC’s 
2021 
agenda 
resolution 
on 
the 
interpretation 
of 
the 
IAS 
38 
standard, 
cloud 
service 
software 
(SaaS) 
does 
not 
meet 
the 
criteria 
of 
an 
intangible 
asset 
if 
the 
software 
is 
managed 
by 
a 
service 
provider. 
The 
costs 
of 
the 
configuration 
and 
tailoring 
services 
for 
the 
cloud 
services 
in 
question 
are 
recognised 
as 
a 
cost 
for 
the 
financial 
year 
if 
the 
service 
linked 
to 
the 
cloud 
service 
can 
be 
separated 
from 
other 
SaaS 
services. 
If 
the 
service 
cannot 
be 
separated 
from 
the 
other 
SaaS 
services, 
the 
costs 
are 
recognised 
as 
a 
prepayment, 
which 
is 
recognised 
as 
a 
cost 
during 
the 
contractual 
period 
of 
the 
SaaS 
services. 

 
 
 
 
 
 
 
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3 
March 
2026 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land 
use 
rights, 
which 
have 
an 
indefinite 
useful 
life, 
are 
not 
amortised 
but 
are 
tested 
annually 
for 
impairment.
 
More 
on 
emission 
rights 
in 
chapter 
4.4.2. 
Subsequent 
expenses 
relating 
to 
intangible 
assets 
are 
only 
capitalised 
if 
their 
economic 
benefits 
to 
the 
company 
increase 
compared 
to 
before. 
In 
other 
cases, 
expenses 
are 
recognised 
in 
the 
income 
statement 
when 
they 
are 
incurred.
4.2.3 
Lease 
agreements 
The 
Group’s 
leases 
mainly 
relate 
to 
office 
premises 
and 
leased 
land 
areas 
. 
The 
durations 
of 
the 
leases 
vary, 
and 
they 
may 
include 
options 
for 
extension 
and 
termination. 
A 
right-of-use 
asset 
and 
a 
corresponding 
liability 
are 
recognised 
for 
leases 
at 
the 
date 
at 
which 
the 
leased 
asset 
is 
available 
for 
use 
by 
the 
Group. 
Each 
lease 
payment 
is 
allocated 
between 
the 
liability 
and 
finance 
cost.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15. 
LEASES, 
1 
000 
€ 
2025 
2024 
Right-of-use 
assets: 
Right-of-use 
assets, 
buildings, 
structures 
and 
land 
Carrying 
amount 
1 
Jan 
50,175 
29,974 
Increases 
1 
Jan–31 
Dec 
8,776 
23,688 
Depreciation 
1 
Jan–31 
Dec 
-3,908 
-3,487 
Carrying 
amount 
31 
Dec 
55,043 
50,175 
Lease 
liabilities: 
Non-current 
53,267 
48,496 
Current 
3,504 
2,860 
Total 
56,771 
51,356 
Amounts 
recognised 
in 
the 
income 
statement 
Depreciation 
of 
right-of-use 
assets 
3,908 
3,487 
Interest 
costs 
578 
595 
Costs 
related 
to 
leases 
of 
low-value 
assets 
1,367 
1,281
The 
outgoing 
cash 
flow 
from 
leases 
in 
2025 
totalled 
EUR 
3.9 
(3.7) 
million.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting 
principles 
Lease 
agreements 
Fingrid 
Oyj 
mainly 
acts 
as 
a 
lessee, 
and 
most 
of 
the 
leases 
are 
for 
office 
premises 
and 
for 
land 
areas. 
The 
lessee 
recognises 
all 
the 
leases 
as 
right-of-use 
assets 
and 
lease 
liabilities 
in 
the 
balance 
sheet, 
except 
for 
items 
of 
short 
duration 
(lease 
terms 
of 
less 
than 
12 
months) 
and 
of 
insignificant 
value. 
A 
right-of-use 
asset 
and 
a 
corresponding 
liability 
are 
recognised 
in 
the 
balance 
sheet 
at 
the 
date 
at 
which 
the 
leased 
asset 
is 
available 
for 
use 
by 
the 
Group. 
The 
right-of-use 
asset 
is 
depreciated 
as 
straight 
-line 
depreciations, 
over 
the 
shorter 
of 
lease 
term 
and 
useful 
life 
of 
the 
underlying 
asset. 
The 
interest 
cost 
of 
lease 
liabilities 
is 
recorded 
in 
finance 
costs. 
Lease 
liability 
payments 
are 
stated 
in 
the 
cash 
flow 
of 
financing 
activities 
and 
the 
related 
interest 
in 
interest 
expenses. 
The 
length 
of 
the 
lease 
period 
is 
the 
time 
during 
which 
the 
agreement 
cannot 
be 
cancelled. 
Lease 
agreements 
may 
include 
extension 
options 
and 
these 
are 
taken 
into 
account 
in 
the 
length 
of 
the 
lease 
period, 
if 
the 
management 
considers 
it 
highly 
likely 
that 
they 
will 
be 
used. 

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www.fingrid.fi 
3 
March 
2026 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The 
real 
-estate 
leases 
do 
not 
clearly 
define 
the 
interest 
rate 
implicit 
in 
the 
lease, 
which 
is 
why 
Fingrid 
uses 
as 
the 
interest 
rate 
an 
estimate 
of 
the 
company’s 
incremental 
borrowing 
rate 
for 
real 
estate 
leases. 
The 
incremental 
borrowing 
rate 
is 
determine 
d 
for 
the 
entire 
real 
-estate 
lease 
portfolio, 
whereby 
all 
real 
-estate 
leases 
are 
discounted 
using 
the 
same 
interest 
rate. 
The 
discount 
rates 
applied 
in 
discounting 
leases 
under 
IFRS 
16 
are 
based 
on 
the 
market 
yield 
on 
the 
company’s 
publicly 
quoted 
bonds. 
Weighted 
average 
discount 
rate 
on 
December 
31, 
2025 
was 
1.7 
percent. 
Short-term 
leases 
or 
leases 
of 
low-value 
assets, 
which 
are 
expensed 
in 
equal 
instalments, 
consist 
of 
vehicle 
lease 
payments, 
and 
lease 
payments 
for 
small 
machinery 
and 
equipment.
 
 
 
 
 
 
 
 
 
 
 
Judgements 
and 
estimates 
Lease 
agreements 
concerning 
right-of-use 
assets 
often 
include 
extension 
and 
termination 
options. 
The 
company’s 
management 
has 
estimated 
how 
likely 
it 
is 
that 
the 
agreements 
will 
be 
extended. 
The 
lease 
period 
will 
be 
reassessed 
if 
the 
option 
is 
used 
or 
is 
not 
used.
4.3 
Financing 
4.3.1 
Capital 
management 
Equity 
and 
liabilities 
as 
shown 
in 
the 
balance 
sheet 
are 
managed 
by 
Fingrid 
as 
capital. 
The 
company 
must 
have 
a 
capital 
structure 
to 
support 
consistently 
strong 
credit 
ratings, 
reasonable 
cost 
of 
capital 
and 
adequate 
dividend 
pay-out 
capability. 
The 
principal 
aim 
of 
Fingrid’s 
capital 
management 
and 
grid 
asset 
management 
is 
to 
ensure 
uninterrupted 
operations 
and 
value 
retention 
as 
well 
as 
rapid 
recovery 
from 
any 
exceptional 
circumstances. 
The 
company 
aims 
for 
a 
category 
‘A’ 
credit 
rating. 
The 
rating 
must 
be 
at 
least 
‘A-’ 
from 
two 
credit 
rating 
agencies. 
The 
company 
has 
not 
set 
specific 
key 
financial 
ratio 
targets 
for 
accounting 
balance 
sheet 
or 
regulatory 
balance 
sheet 
capital 
management, 
but 
instead 
monitors 
and 
controls 
the 
overall 
situation, 
for 
which 
credit 
ratings 
and 
their 
underlying 
risk 
analyses 
and 
other 
parameters 
create 
a 
foundation. 
Fingrid 
has 
credit 
rating 
service 
agreements 
with 
S&P 
Global 
and 
Fitch 
Ratings. 
S&P 
Global’s 
company 
credit 
rating 
for 
Fingrid 
is 
‘A+’. 
Fitch 
Ratings 
downgraded 
Fingrid 
Oyj’s 
Long-Term 
Issuer 
Default 
Rating 
(IDR) 
to 
‘A’ 
from 
‘A+’ 
and 
senior 
unsecured 
rating 
to 
‘A+’ 
from 
‘AA-‘ 
on 
17 
November 
2025. 
Fingrid’s 
high 
credit 
ratings 
reflect 
the 
company’s 
strong 
overall 
financial 
situation 
and 
debt 
service 
capacity.
4.3.2 
The 
organisation 
of 
financing 
activities 
and 
the 
principles 
for 
financial 
risk 
management 
The 
company 
has 
a 
holistic 
approach 
to 
the 
management 
of 
financing 
activities, 
encompassing 
external 
financing, 
as 
well 
as 
managing 
liquidity, 
counterparty 
and 
financial 
risks, 
and 
supporting 
business 
operations 
in 
matters 
related 
to 
financing 
in 
general. 
Fingrid’s 
financial 
capital 
consists 
of 
equity 
and 
debt 
financing. 
The 
share 
of 
equity 
of 
the 
balance 
sheet 
total 
was 
17.4 
per 
cent 
in 
2025. 
Regulatory 
equity 
was 
52.2 
per 
cent 
of 
the 
regulatory 
asset 
base 
in 
2025. 
The 
key 
objectives 
of 
financing 
operations 
are 
preservation 
of 
shareholder 
value 
by 
securing 
the 
financing 
required 
by 
business 
operations, 
including 
the 
investment 
programme, 
adequate 
liquidity 
and 
protection 
against 
key 
financing 
risks 
in 
different 
interest 
rate 
scenarios. 
This 
contributes 
to 
increasing 
the 
predictability 
of 
interest 
expenses 
and 
securing 
the 
payment 
of 
dividends 
within 
the 
risk 
limits, 
including 
the 
overall 
management 
of 
interest 
rate 
risk, 
considering 
Fingrid’s 
regulatory 
model. 

 
 
 
 
 
123 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Fingrid’s 
financing 
risks 
consist 
of 
liquidity, 
refinancing, 
interest 
rate, 
foreign 
exchange 
and 
commodity 
price 
risks, 
as 
well 
as 
the 
counterparty 
risks 
of 
investments 
and 
derivative 
contracts. 
The 
derivative 
instruments 
used 
for 
hedging 
are 
approved 
annually 
in 
the 
Treasury 
Policy. 
The 
company 
uses 
derivative 
instruments 
to 
hedge 
interest 
rate, 
foreign 
exchange 
and 
commodity 
risks. 
Derivatives 
are 
only 
used 
for 
hedging 
purposes, 
not 
speculatively.
Corporate 
finance 
principles
The 
Board 
of 
Directors 
of 
Fingrid 
Oyj 
approves 
the 
Corporate 
Finance 
Principles 
which 
define 
the 
company’s 
financial 
targets 
and 
how 
Fingrid 
Oyj 
manages 
financing 
as 
a 
whole, 
including 
the 
company’s 
credit 
rating 
targets. 
The 
external 
financing 
of 
Fingrid 
Group 
is 
carried 
out 
by 
Fingrid 
Oyj. 
Risk 
management 
execution 
and 
reporting 
Fingrid’s 
Chief 
Financial 
Officer 
is 
responsible 
for 
arranging 
overall 
risk 
management 
in 
the 
company, 
with 
a 
key 
role 
held 
by 
the 
operative 
risk 
management 
and 
reporting 
of 
financing 
in 
line 
with 
the 
company’s 
Corporate 
Finance 
Principles 
and 
Treasury 
Policy. 
The 
CFO 
regularly 
reports 
to 
the 
President 
& 
CEO 
and 
the 
Board 
(audit 
committee) 
on 
the 
implementation 
of 
financing 
and 
risk 
management. 
Risk 
management 
processes 
The 
Treasury 
unit 
is 
responsible 
for 
the 
operative 
monitoring 
of 
risk 
management, 
for 
the 
risk 
system 
and 
models 
and 
methods 
used 
to 
assess, 
monitor 
and 
report 
on 
risks. 
As 
part 
of 
comprehensive 
risk 
management, 
the 
Treasury 
unit 
is 
in 
charge 
of 
operative 
management 
of 
the 
company’s 
guarantee 
and 
insurance 
portfolio.
Fair 
value 
hierarchy 
In 
the 
presentation 
of 
fair 
value, 
assets 
and 
liabilities 
measured 
at 
fair 
value 
are 
categorised 
into 
a 
three 
-level 
hierarchy. 
The 
appropriate 
hierarchy 
is 
based 
on 
the 
input 
data 
of 
the 
instrument. 
The 
level 
is 
determined 
on 
the 
basis 
of 
the 
lowest 
level 
of 
input 
for 
the 
instrument 
that 
is 
significant 
to 
the 
overall 
fair 
value 
measurement. 
Level 
1: 
inputs 
are 
publicly 
quoted 
in 
active 
markets. 
Level 
2: 
inputs 
are 
not 
publicly 
quoted 
and 
are 
based 
on 
observable 
market 
parameters 
either 
directly 
or 
indirectly. 
Level 
3: 
inputs 
are 
not 
publicly 
quoted 
and 
are 
unobservable 
market 
parameters.
4.3.3 
Financial 
liabilities, 
financial 
costs 
and 
managing 
the 
financial 
risks 
The 
company 
takes 
advantage 
of 
the 
opportunities 
offered 
by 
credit 
ratings 
at 
any 
given 
time 
in 
multiple 
ways 
on 
the 
international 
and 
domestic 
financial 
markets. 
Market-based 
and 
diversified 
financing 
is 
sought 
from 
several 
sources. 
The 
goal 
is 
a 
diversified 
maturity 
profile. 
Fingrid’s 
existing 
loan 
agreements 
as 
well 
as 
debt 
and 
commercial 
paper 
programmes 
are 
unsecured 
and 
do 
not 
include 
any 
financial 
covenants 
based 
on 
financial 
ratios. 
Green 
financing 
Green 
financing 
is 
a 
key 
component 
of 
Fingrid’s 
financing 
strategy 
and 
responsible 
operating 
model. 
The 
company’s 
goal 
is 
to 
raise 
significant 
debt 
financing 
in 
the 
form 
of 
green 
financing. 
The 
company 
reports 
on 
its 
green 
financing 
arrangements 
in 
a 
separate 
green 
financing 
allocation 
and 
impact 
report.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16. 
BORROWINGS, 
€1,000 
2025 
2024 
Hierarchy 
level 
Fair 
value 
Balance 
sheet 
value 
% 
Fair 
value 
Balance 
sheet 
value 
% 
Non-current 
Bonds 
1,311,242 
1,279,604 
1,340,452 
1,278,911 
Level 
2 
Loans 
from 
financial 
institutions 
184,340 
181,538 
215,711 
212,161 
Level 
2 
1,495,582 
1,461,142 
1,556,163 
1,491,072 
Lease 
liabilities 
53,267 
48,496 
1,514,409 
83% 
1,539,568 
83% 
Current 
Bonds 
82,410 
78,478 
Level 
2 

 
 
 
 
 
124 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans 
from 
financial 
institutions 
30,913 
30,623 
46,776 
46,381 
Level 
2 
Other 
loans/Commercial 
papers 
(international 
and 
domestic) 
268,833 
268,815 
193,089 
193,006 
Level 
2 
299,747 
299,438 
322,275 
317,865 
Lease 
liabilities 
3,504 
2,860 
302,942 
17% 
320,725 
17% 
Total 
1,795,329 
1,817,350 
100% 
1,878,438 
1,860,293 
100%
The 
fair 
values 
of 
borrowings 
are 
based 
on 
the 
present 
values 
of 
cash 
flows. 
Loans 
raised 
in 
various 
currencies 
are 
measured 
at 
the 
present 
value 
on 
the 
basis 
of 
the 
yield 
curve 
of 
each 
currency. 
Borrowings 
denominated 
in 
foreign 
currencies 
are 
translated 
into 
euros 
at 
the 
mid-rates 
quoted 
by 
the 
ECB 
at 
the 
closing 
date.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17. 
BONDS 
INCLUDED 
IN 
BORROWINGS, 
€1,000 
2025 
2024 
Currency 
Nominal 
value 
Maturity 
Interest 
Balance 
sheet 
value 
EUR 
70,000 
7 
May 
2025 
0.527% 
- 
70,000 
EUR 
100,000 
23 
Nov 
2027 
1.125% 
99,857 
99,782 
EUR 
25,000 
27 
Mar 
2028 
2.71% 
24,978 
25,000 
EUR 
10,000 
12 
Sep 
2028 
3.271% 
10,000 
10,000 
EUR 
500,000 
4 
Dec 
2029 
2.750% 
497,308 
496,658 
EUR 
80,000 
24 
Apr 
2029 
2.95% 
80,000 
80,000 
EUR 
30,000 
30 
May 
2029 
2.888% 
30,000 
30,000 
EUR 
500,000 
20 
Mar 
2034 
3.250% 
495,242 
495,080 
1,237,385 
1,306,520 
NOK 
100,000 
16 
Sep 
2025 
4.31% 
8,478 
NOK 
500,000 
8 
Apr 
2030 
2.72% 
42,219 
42,391 
42,219 
50,869 
Bonds, 
long-term 
total 
1,279,604 
1,278,911 
Bonds, 
short-term 
total 
- 
78,478 
Total 
1,279,604 
1,357,389
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
18. 
RECONCILIATION 
OF 
DEBT, 
€1,000 
Borrowings 
due 
within 
1 
year 
Borrowings 
due 
after 
1 
year 
Total 
Debt 
on 
1 
Jan 
2024 
343,471 
654,671 
998,143 
Cash 
flow 
from 
financing 
activities 
193,006 
654,325 
847,331 
Exchange 
rate 
adjustments 
-4,193 
1,683 
-2,509 
Accrual 
of 
effective 
interest 
rates 
45 
-2,868 
-2,822 
Other 
changes 
not 
involving 
a 
payment 
transaction 
-302 
20,452 
20,150 
Transfer 
to 
short-term 
loans 
-211,303 
211,303 
- 
Debt 
on 
31 
Dec 
2024 
320,725 
1,539,568 
1,860,293 
Cash 
flow 
from 
financing 
activities 
75,809 
-129,052 
-53,243 
Exchange 
rate 
adjustments 
4,193 
-172 
4,021 
Accrual 
of 
effective 
interest 
rates 
- 
865 
865 
Other 
changes 
not 
involving 
a 
payment 
transaction 
644 
4,771 
5,415 
Transfer 
to 
short-term 
loans 
-98,429 
98,429 
0 
Debt 
on 
31 
Dec 
2025 
302,942 
1,514,409 
1,817,350 
Other 
changes 
are 
mainly 
made 
up 
of 
IFRS 
16 
impacts.
 

 
 
 
 
 
125 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation 
of 
net 
debt, 
€ 
1,000 
2025 
2024 
Cash 
in 
hand 
and 
cash 
equivalents 
-539,111 
-611,288 
Financial 
assets 
recognised 
in 
the 
income 
statement 
at 
fair 
value 
-70,401 
-101,260 
Purchase 
of 
other 
assets 
and 
bank 
deposits 
over 
3 
months 
- 
-125,996 
Borrowings 
- 
repayable 
within 
one 
year 
302,942 
320,725 
Borrowings 
- 
repayable 
after 
one 
year 
1,514,409 
1,539,568 
Net 
debt 
1,207,839 
1,021,748
Financial 
assets 
recognised 
at 
fair 
value 
through 
profit 
and 
loss 
are 
liquid 
investments 
traded 
on 
active 
markets. 
Purchase 
of 
other 
assets 
consists 
of 
investments 
in 
debt 
instruments. 
Net 
debt 
is 
the 
difference 
between 
the 
company’s 
debt 
and 
its 
cash 
in 
hand 
and 
cash 
equivalents, 
and 
purchase 
of 
other 
assets. 
The 
development 
of 
net 
debt 
is 
monitored 
actively.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
19. 
INTEREST 
INCOME 
AND 
EXPENSES 
FROM 
LOANS 
AND 
OTHER 
RECEIVABLES, 
€1,000 
2025 
2024 
Interest 
income 
on 
financial 
assets 
in 
income 
statement 
at 
fair 
value 
2,972 
4,607 
Interest 
income 
on 
cash, 
cash 
equivalents 
and 
bank 
deposits 
15,315 
18,845 
Net 
foreign 
exchange 
gains 
and 
losses 
from 
borrowings, 
derivatives 
and 
FX-accounts 
1,177 
- 
19,464 
23,452 
Interest 
expenses 
on 
borrowings, 
effective 
interest 
rate 
-45,844 
-41,361 
Net 
interest 
expenses 
on 
interest 
rate 
and 
foreign 
exchange 
derivatives 
-5,560 
-5,280 
Gains/losses 
from 
measuring 
derivative 
contracts 
at 
fair 
value 
-4,268 
-2,756 
Net 
foreign 
exchange 
gains 
and 
losses 
from 
borrowings, 
derivatives 
and 
FX-accounts 
-5 
-61 
Interest 
expenses 
on 
lease 
liabilities 
(IFRS 
16) 
-578 
-595 
Other 
finance 
costs 
-970 
-2,633 
-57,225 
-52,686 
Capitalised 
finance 
costs, 
borrowing 
costs; 
at 
a 
capitalisation 
rate 
of 
3.0 
% 
(note 
13) 
11,876 
14,576 
Total 
-25,885 
-14,658
Managing 
the 
market 
risks 
of 
debt 
The 
company 
issues 
bonds 
in 
the 
international 
and 
domestic 
money 
and 
debt 
capital 
markets. 
Fingrid’s 
borrowings 
are 
issued 
in 
both 
fixed 
and 
floating 
interest 
rates 
and 
in 
several 
currencies. 
They 
thus 
expose 
Fingrid’s 
cash 
flow 
to 
interest 
rate 
and 
exchange 
rate 
risks. 
Fingrid 
uses 
derivative 
contracts 
to 
hedge 
against 
these 
risks. 
Fingrid 
generally 
holds 
issued 
bonds 
to 
maturity 
and 
thus 
does 
not 
value 
its 
bonds 
in 
the 
balance 
sheet 
at 
fair 
value 
or 
hedge 
against 
the 
fair 
value 
interest 
rate 
risk.
The 
currency 
risks 
related 
to 
bonds 
and 
the 
interest 
rate 
risk 
of 
foreign 
currency 
are 
fully 
hedged.
 
Transaction 
risk
The 
company 
uses 
derivatives 
to 
fully 
hedge 
against 
exchange 
rate 
risks 
when 
it 
is 
cost 
-effective 
to 
do 
so 
and 
against 
commodity 
price 
risks 
to 
the 
extent 
that 
the 
hedging 
instruments 
of 
the 
risk 
in 
question 
are 
cost 
-effectively 
available 
and 
hedging 
canno 
t 
otherwise 
be 
implemented, 
for 
instance, 
through 
contracts. 
During 
the 
financial 
year, 
the 
company 
used 
currency 
derivatives 
to 
hedge 
business 
transaction 
risks. 
A 
summary 
of 
the 
derivatives 
is 
presented 
in 
Note 
24.
 
Interest 
rate 
risk 
The 
company 
is 
only 
exposed 
to 
euro 
denominated 
interest 
rate 
risk 
from 
its 
business 
operations, 
assets 
and 
borrowings. 
The 
company’s 
borrowings 
are, 
both 
in 
terms 
of 
principal 
and 
interest 
payments, 
fully 
hedged 
against 
exchange 
rate 
risks. 
Cash 
and 
cash 
equivalents 
and 
financial 
assets 
recognised 
in 
the 
income 
statement 
at 
fair 
value 
are 
denominated 
in 
euros. 
The 
interest 
rate 
risk 
inherent 
in 
Fingrid’s 
operations 
is 
caused 
by 
changes 
in 
the 
risk 
-free 
interest 
rate 
component 
of 
the 
weighted 
average 
cost 
of 
capital 
(WACC), 
which 
is 
used 
to 
determine 
the 
reasonable 
rate 
of 
return 
under 
the 
Energy 
Authority’s 
regulatory 
methods. 
If 
the 
risk-free 
interest 
rate 
rises/falls 
by 
one 
percentage 
unit, 
the 
pre-tax 
WACC 
rises/falls 
by 
1.15 
percentage 
units. 

 
 
 
 
 
126 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
The 
goal 
of 
the 
loan 
portfolio’s 
interest 
rate 
risk 
management 
is 
to 
hedge 
against 
key 
financing 
risks 
in 
different 
interest 
rate 
scenarios 
and 
to 
contribute 
to 
increasing 
the 
predictability 
of 
interest 
expenses 
and 
secure 
the 
payment 
of 
dividends 
within 
the 
risk 
limits, 
including 
the 
overall 
management 
of 
interest 
rate 
risk, 
considering 
the 
regulatory 
model. 
The 
loan 
portfolio’s 
interest 
rate 
risk 
arises 
from 
market 
interest 
rate 
volatility, 
which 
decreases 
or 
increases 
the 
annual 
interest 
expenses 
on 
the 
company’s 
floating 
-rate 
loans. 
When 
market 
interest 
rates 
increase/decrease, 
the 
interest 
expenses 
of 
the 
floating 
-rate 
loans 
also 
increase/decrease. 
The 
company 
hedges 
this 
risk, 
referred 
to 
as 
cash 
flow 
risk, 
with 
derivatives
.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Determination 
of 
the 
reasonable 
rate 
of 
return 
in 
regulation 
and 
operational 
interest 
rate 
risk 
The 
reasonable 
rate 
of 
return 
on 
adjusted 
capital 
committed 
to 
grid 
operations 
is 
determined 
by 
using 
the 
weighted 
average 
cost 
of 
capital 
model 
(WACC). 
The 
WACC 
model 
determined 
by 
the 
Finnish 
Energy 
Authority 
illustrates 
the 
average 
cost 
of 
the 
capital 
used 
by 
the 
company, 
where 
the 
weights 
are 
the 
relative 
values 
of 
equity 
and 
debt. 
The 
weighted 
average 
of 
the 
costs 
of 
equity 
and 
interest 
-bearing 
debt 
are 
used 
to 
calculate 
the 
total 
cost 
of 
capital, 
i.e. 
the 
reasonable 
rate 
of 
return 
per 
the 
regulation. 
The 
reasonable 
return 
is 
calculated 
by 
multiplying 
the 
adjusted 
capital 
invested 
in 
network 
operations 
by 
the 
WACC
.
 
Liquidity 
risk 
Fingrid 
is 
exposed 
to 
liquidity 
and 
refinancing 
risks 
arising 
from 
the 
redemption 
of 
loans, 
payments 
and 
fluctuations 
in 
cash 
flow 
from 
operating 
activities. 
The 
liquidity 
of 
the 
company 
is 
arranged 
so 
that 
liquid 
assets 
(cash 
and 
cash 
equivalents, 
and 
financial 
assets 
recognised 
in 
the 
income 
statement 
at 
fair 
value) 
and 
available 
long-term 
committed 
credit 
lines 
can 
cover 
110% 
of 
the 
refinancing 
needs 
for 
the 
next 
12 
months. 
The 
company 
has 
a 
revolving 
credit 
facility 
of 
EUR 
500 
million 
maturing 
30 
November 
2028. 
The 
facility 
is 
committed 
and 
has 
not 
been 
drawn. 
Additionally, 
the 
company 
has 
at 
its 
disposal 
a 
total 
of 
EUR 
40 
million 
in 
overdraft 
limits 
with 
banks 
to 
secure 
liquidity. 
Refinancing 
risk 
is 
managed 
by 
aiming 
to 
build 
a 
diversified 
loan 
maturity 
profile. 
To 
secure 
refinancing, 
the 
company 
makes 
wide 
use 
of 
various 
sources 
of 
financing 
The 
counterparty 
risks 
of 
financing 
activities 
are 
caused 
by 
asset 
management 
companies, 
derivatives 
counterparties, 
insurance 
companies 
and 
bank 
counterparties. 
The 
company 
minimises 
any 
counterparty 
risks 
and 
can, 
if 
necessary, 
demand 
guarantees 
from 
cou 
nterparties 
to 
strengthen 
its 
risk 
position. 
As 
a 
rule, 
credit 
rating 
categories 
are 
the 
decisive 
factor 
in 
specifying 
the 
counterparty 
limit. 
Contractual 
repayments 
and 
interest 
costs 
on 
borrowings 
are 
presented 
in 
the 
next 
table. 
The 
repayments 
and 
interest 
amounts 
are 
undiscounted 
values. 
Finance 
costs 
arising 
from 
interest 
rate 
swaps 
are 
often 
paid 
in 
net 
amounts 
depending 
on 
the 
nature 
of 
the 
swap. 
In 
the 
following 
table, 
they 
are 
presented 
in 
gross 
amounts.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20. 
PAYMENTS 
UNDER 
FINANCING 
AGREEMENTS 
IN 
CASH, 
€1,000 
31 
Dec 
2025 
2026 
2027 
2028 
2029 
2030 
2031– 
Total 
Bonds 
repayments 
0 
100,000 
35,000 
610,000 
42,219 
500,000 
1,287,219 
interests 
36,504 
36,504 
35,379 
34,375 
17,398 
65,000 
225,161 
Loans 
from 
financial 
institutions 
repayments 
30,623 
28,718 
28,718 
20,385 
12,052 
91,665 
212,161 
interests 
5,027 
4,545 
4,182 
3,571 
3,262 
13,967 
34,553 
Commercial 
papers 
repayments 
270,000 
- 
- 
- 
- 
- 
270,000 
Lease 
liabilities 
repayments 
3,504 
3,884 
3,666 
3,685 
3,727 
38,305 
56,771 
interests 
538 
497 
455 
414 
372 
2,752 
5,027 

 
127 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
Cross-currency 
swaps. 
payments 
1,602 
1,663 
1,774 
1,842 
44,428 
- 
51,309 
Interest 
rate 
swaps 
payments 
19,911 
20,998 
19,814 
20,618 
10,748 
40,755 
132,844 
Currency 
derivatives 
payments 
15,803 
3,986 
1,196 
- 
- 
- 
20,985 
Total 
383,513 
200,795 
130,183 
694,890 
134,206 
752,444 
2,296,031 
Cross-currency 
swaps. 
receivables 
1,148 
1,148 
1,148 
1,148 
43,367 
- 
47,961 
Interest 
rate 
swaps 
receivables 
19,452 
19,452 
18,327 
18,000 
9,750 
39,000 
123,981 
Currency 
derivatives 
receivables 
15,888 
4,237 
1,271 
- 
- 
- 
21,396 
Total 
36,489 
24,837 
20,746 
19,148 
53,117 
39,000 
193,338 
Total 
347,024 
175,958 
109,437 
675,742 
81,088 
713,444 
2,102,692 
31 
Dec 
2024 
2025 
2026 
2027 
2028 
2029 
2030– 
Total 
Bonds 
repayments 
78,478 
- 
100,000 
35,000 
610,000 
542,391 
1,365,869 
interests 
37,243 
36,509 
36,509 
35,384 
34,379 
82,403 
262,427 
Loans 
from 
financial 
institutions 
repayments 
46,381 
30,623 
28,718 
28,718 
20,385 
103,716 
258,541 
interests 
7,348 
4,760 
4,253 
3,780 
3,077 
13,569 
36,786 
Commercial 
papers 
repayments 
195,000 
- 
- 
- 
- 
- 
195,000 
Lease 
liabilities 
repayments 
2,860 
2,892 
3,267 
3,088 
3,106 
36,142 
51,356 
interests 
512 
477 
441 
403 
367 
2,892 
5,093 
Cross-currency 
swaps. 
payments 
2,418 
1,547 
1,590 
1,656 
1,662 
1,682 
10,554 
Interest 
rate 
swaps 
payments 
13,815 
10,871 
11,447 
9,263 
9,081 
- 
54,477 
Currency 
derivatives 
payments 
1,080 
1,067 
- 
- 
- 
- 
2,147 
Total 
385,136 
88,746 
186,226 
117,291 
682,057 
782,795 
2,242,251 
Cross-currency 
swaps. 
receivables 
1,884 
1,153 
1,153 
1,153 
1,153 
2,306 
8,802 
Interest 
rate 
swaps 
receivables 
10,071 
9,702 
9,702 
8,577 
8,250 
- 
46,302 
Currency 
derivatives 
receivables 
952 
952 
- 
- 
- 
- 
1,903 
Total 
12,906 
11,807 
10,855 
9,730 
9,403 
2,306 
57,007 
Total 
372,229 
76,939 
175,371 
107,561 
672,654 
780,489 
2,185,244
 
Accounting 
principles 
Borrowings 
Borrowings 
are 
initially 
recognised 
at 
fair 
value 
net 
of 
the 
transaction 
costs 
incurred. 
Transaction 
costs 
consist 
of 
bond 
prices 
above 
or 
below 
par 
value, 
arrangement 
fees, 
commissions 
and 
administrative 
fees 
that 
are 
directly 
related 
to 
the 
loan. 
Borrowings 
are 
subsequently 
measured 
at 
amortised 
cost; 
any 
difference 
between 
the 
loan 
amount 
and 
the 
amount 
to 
be 
repaid 
is 
recognised 
in 
the 
income 
statement 
over 
the 
loan 
period 
using 
the 
effective 
interest 
rate 
method. 
Borrowings 
are 
derecognised 
when 
they 
mature 
and 
are 
repaid. 
Commitment 
fees 
to 
be 
paid 
on 
credit 
facilities 
are 
entered 
as 
transaction 
costs 
related 
to 
the 
loan 
insofar 
as 
partial 
or 
full 
utilisation 
of 
the 
facility 
is 
likely. 
In 
such 
cases, 
the 
fee 
is 
capitalized 
in 
the 
balance 
sheet 
until 
the 
facility 
is 
utilised. 
If 
there 
is 
no 
proof 
that 
loans 
included 
in 
a 
facility 
are 
likely 
to 
be 
withdrawn 
in 
part 
or 
in 
full, 
the 
fee 
will 
be 
recognised 
as 
an 
expense 
at 
the 
time 
of 
establishing 
the 
facility.

 
 
 
 
 
 
 
128 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
4.3.4 
Summary 
of 
the 
cash 
and 
cash 
equivalents, 
financial 
assets, 
financial 
liabilities 
and 
derivatives
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
21. 
CASH 
AND 
CASH 
EQUIVALENTS, 
€1,000 
2025 
2024 
Cash 
assets 
and 
bank 
account 
balances 
519,111 
481,288 
Bank 
deposits, 
max. 
3 
months 
20,000 
130,000 
Total 
539,111 
611,288
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
22. 
OTHER 
FINANCIAL 
ASSETS, 
€1,000 
2025 
2024 
Hierarchy 
level 
Non-current: 
Purchase 
of 
other 
assets 
- 
81,843 
Level 
1 
Total 
- 
81,843 
Current: 
Fixed 
income 
funds 
70,401 
101,260 
Level 
1 
Bank 
deposits, 
over 
3 
months 
- 
20,000 
Level 
2 
Purchase 
of 
other 
assets 
- 
24,153 
Level 
2 
Total 
70,401 
145,413 
Total 
70,401 
227,256
Purchase 
of 
other 
assets 
is 
a 
part 
of 
the 
company’s 
overall 
liquidity 
management. 
These 
investments 
consist 
of 
debt 
instrumentsIn 
2025, 
the 
company 
disposed 
of 
asset 
management 
investments 
that 
were 
included 
in 
other 
investments.
The 
carrying 
amounts 
of 
Fingrid's 
financial 
assets 
and 
liabilities 
by 
measurement 
category 
are 
as 
follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
23. 
CARRYING 
AMOUNTS 
OF 
FINANCIAL 
ASSETS 
AND 
LIABILITIES 
BY 
MEASUREMENT 
CATEGORY, 
€1,000 
Balance 
sheet 
item 
31 
Dec 
2025 
Assets/ 
liabilities 
recognised 
in 
income 
statement 
at 
fair 
value 
Financial 
assets/liabilities 
measured 
at 
amortised 
cost 
Total 
Note 
Other 
long-term 
investments 
Interest 
rate 
and 
currency 
derivatives 
1,940 
- 
1,940 
24 
Electricity 
derivatives 
3,915 
- 
3,915 
24 
Current 
financial 
assets 
Interest 
rate 
and 
currency 
derivatives 
188 
- 
188 
24 
Electricity 
derivatives 
2,543 
- 
2,543 
24 
Trade 
receivables 
and 
other 
receivables 
- 
138,454 
138,454 
4 
Other 
financial 
assets 
70,401 
- 
70,401 
22 
Cash 
in 
hand 
and 
cash 
equivalents 
- 
539,111 
539,111 
21 
Financial 
assets 
total: 
78,986 
677,565 
756,551 
Non-current 
financial 
liabilities: 
Borrowings 
- 
1,514,409 
1,514,409 
16 
Interest 
rate 
and 
currency 
derivatives 
14,364 
- 
14,364 
24 
Electricity 
derivatives 
2,539 
- 
2,539 
24 
Current 
financial 
liabilities: 
Borrowings 
- 
302,942 
302,942 
16 
Interest 
rate 
and 
currency 
derivatives 
100 
- 
100 
24 
Electricity 
derivatives 
6,962 
- 
6,962 
24 
Trade 
payables 
and 
other 
liabilities 
- 
73,822 
73,822 
8 

 
 
 
 
 
129 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial 
liabilities 
total 
23,965 
1,891,172 
1,915,137 
Balance 
sheet 
item 
31 
Dec 
2024 
Assets/ 
liabilities 
recognised 
in 
income 
statement 
at 
fair 
value 
Financial 
assets/liabilities 
measured 
at 
amortised 
cost 
Total 
Note 
Other 
long-term 
investments 
Available-for-sale 
investments 
- 
81,843 
81,843 
22 
Interest 
rate 
and 
currency 
derivatives 
663 
- 
663 
24 
Electricity 
derivatives 
3,100 
- 
3,100 
24 
Current 
financial 
assets 
Electricity 
derivatives 
11,808 
- 
11,808 
24 
Trade 
receivables 
and 
other 
receivables 
- 
124,237 
124,237 
4 
Other 
financial 
assets 
101,260 
44,153 
145,413 
22 
Cash 
in 
hand 
and 
cash 
equivalents 
- 
611,288 
611,288 
21 
Financial 
assets 
total: 
116,831 
861,522 
978,352 
Non-current 
financial 
liabilities: 
Borrowings 
- 
1,539,568 
1,539,568 
16 
Interest 
rate 
and 
currency 
derivatives 
13,874 
- 
13,874 
24 
Electricity 
derivatives 
5,897 
- 
5,897 
24 
Current 
financial 
liabilities: 
Borrowings 
- 
320,725 
320,725 
16 
Interest 
rate 
and 
currency 
derivatives 
5,221 
- 
5,221 
24 
Electricity 
derivatives 
13,521 
- 
13,521 
24 
Trade 
payables 
and 
other 
liabilities 
- 
82,623 
82,623 
8 
Financial 
liabilities 
total 
38,513 
1,942,916 
1,981,429
 
 
 
 
Accounting 
principles 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FINANCIAL 
INSTRUMENTS 
Classification 
of 
financial 
assets 
The 
Group 
classifies 
the 
financial 
assets 
in 
accordance 
with 
its 
business 
model 
and 
in 
compliance 
with 
IFRS 
9. 
The 
classification 
is 
accomplished 
on 
the 
basis 
of 
the 
objective 
of 
the 
business 
model 
and 
the 
contract 
-based 
cash 
flows 
from 
the 
investments. 
Bonds 
held 
to 
maturity 
and 
cash 
and 
cash 
equivalents 
have 
mainly 
been 
measured 
at 
amortised 
cost. 
This 
reflects 
a 
business 
model 
whose 
objective 
is 
to 
collect 
contract 
-based 
cash 
flows. 
Fund 
investments 
are 
recognised 
at 
fair 
value. 
This 
reflects 
a 
business 
model 
whose 
objective 
is 
to 
collect 
contract-
based 
cash 
flows 
or 
sell 
financial 
assets. 
The 
objective 
of 
the 
above-mentioned 
model 
is 
to 
invest 
the 
cash 
and 
cash 
equivalents 
profitably 
so 
that 
they 
remain 
liquid. 
 
 
 
 
 
 
 
 
Cash 
and 
cash 
equivalents 
Cash 
and 
cash 
equivalents 
on 
the 
balance 
sheet 
consist 
of 
cash 
in 
hand 
and 
bank 
deposits 
with 
an 
initial 
maturity 
of 
no 
more 
than 
three 
months. 
Cash 
and 
cash 
equivalents 
are 
derecognised 
when 
they 
mature, 
are 
sold 
or 
otherwise 
disposed 
of.
 
Other 
financial 
assets 

 
 
 
 
 
 
 
130 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The 
financial 
assets 
classified 
in 
this 
category 
on 
the 
balance 
sheet 
consist 
of 
short 
-term 
investments 
in 
fixed 
income 
funds, 
bank 
deposits 
for 
more 
than 
three 
months, 
and 
money 
market 
securities 
and 
other 
short-term 
fixed 
income 
instruments 
linked 
with 
an 
asset 
management 
contract. 
The 
asset 
management 
investments 
are 
booked 
on 
the 
balance 
sheet 
at 
amortised 
cost. 
On 
the 
cash 
flow 
statement, 
they 
are 
booked 
in 
‘Cash 
flow 
from 
investing 
activities’. 
Financial 
assets 
recognised 
at 
fair 
value 
in 
the 
income 
statement 
are 
booked 
into 
the 
balance 
sheet 
at 
fair 
value 
at 
the 
settlement 
date. 
Subsequently, 
the 
financial 
assets 
are 
measured 
on 
each 
reporting 
day 
at 
fair 
value, 
and 
the 
change 
in 
their 
value 
is 
recognised 
in 
the 
income 
statement 
under 
finance 
income 
and 
costs. 
Derivatives 
are 
also 
included 
in 
this 
group 
but 
are 
presented 
on 
the 
balance 
sheet 
on 
their 
own 
lines. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments 
The 
‘Other 
long-term 
investments’ 
on 
the 
balance 
sheet 
consist 
of 
investments 
in 
listed 
bonds 
linked 
with 
the 
asset 
management 
contract, 
in 
which 
the 
maturity 
of 
an 
individual 
bond 
is 
no 
more 
than 
three 
years. 
The 
asset 
management 
investments 
are 
booked 
on 
the 
balance 
sheet 
at 
amortised 
cost. 
On 
the 
cash 
flow 
statement, 
they 
are 
booked 
in 
‘Cash 
flow 
from 
investing 
activities’. 
The 
Group 
actively 
tests 
each 
instrument 
for 
impairment 
and 
if 
the 
impairment 
criteria 
are 
met, 
the 
impairment 
is 
booked 
into 
the 
income 
statement. 
Financial 
assets 
are 
derecognised 
when 
they 
mature, 
are 
sold 
or 
otherwise 
disposed 
of 
such 
that 
their 
risks 
and 
revenues 
have 
been 
transferred.
 
 
 
 
 
 
 
 
 
 
 
Financial 
liabilities 
Financial 
liabilities 
consist 
of 
loans 
and 
derivative 
instruments. 
Loans 
are 
items 
recognised 
at 
amortised 
cost. 
Loans 
are 
recognised 
in 
accounting 
with 
transaction 
costs 
deducted, 
after 
which 
the 
loans 
are 
measured 
at 
amortised 
cost 
using 
the 
effective 
interest 
rate 
method.
24. 
DERIVATIVE 
INSTRUMENTS, 
€ 
1,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2025 
2024 
Hierarchy 
level 
Interest 
rate 
and 
currency 
derivatives 
Fair 
value 
pos. 
Fair 
value 
neg. 
Net 
fair 
value 
Nominal 
value 
Fair 
value 
pos. 
Fair 
value 
neg. 
Net 
fair 
value 
Nominal 
value 
31.12.25 
31.12.25 
31.12.25 
31.12.25 
31.12.24 
31.12.24 
31.12.24 
31.12.24 
Cross-currency 
swaps 
-5,501 
-5,501 
43,478 
-10,611 
-10,611 
55,990 
Level 
2 
Currency 
derivatives 
502 
-100 
403 
20,985 
-255 
-255 
2,147 
Level 
2 
Interest 
rate 
swaps 
887 
-8,862 
-7,975 
710,000 
117 
-8,230 
-8,113 
480,000 
Level 
2 
Bought 
interest 
rate 
options 
738 
738 
500,000 
546 
546 
100,000 
Level 
2 
Total 
2,128 
-14,463 
-12,336 
1,274,463 
663 
-19,095 
-18,432 
638,137 
Electricity 
derivatives 
Fair 
value 
pos. 
Fair 
value 
neg. 
Net 
fair 
value 
Volume 
TWh 
Fair 
value 
pos. 
Fair 
value 
neg. 
Net 
fair 
value 
Volume 
TWh 
31.12.25 
31.12.25 
31.12.25 
31.12.25 
31.12.24 
31.12.24 
31.12.24 
31.12.24 
Electricity 
forward 
contracts 
6,458 
-9,501 
-3,044 
5.4 
14,908 
-19,418 
-4,510 
4.5 
Level 
2 
Total 
6,458 
-9,501 
-3,044 
5.4 
14,908 
-19,418 
-4,510 
4.5
The 
net 
fair 
value 
of 
derivatives 
indicates 
the 
realised 
profit/loss 
if 
they 
had 
been 
closed 
on 
the 
last 
trading 
day 
of 
2025. 
The 
company 
uses 
derivative 
instruments 
to 
hedge 
interest 
rate, 
foreign 
exchange 
and 
commodity 
risks 
and, 
by 
default, 
holds 
the 
contracts 
until 
maturity. 
The 
derivative 
instruments 
used 
for 
hedging 
are 
approved 
annually. 
A 
valid 
framework 
agreement 
(ISDA 
or 
other 
agreement) 
must 
be 
in 
place 
with 
the 
derivative 
counterparty 
before 
concluding 
a 
transaction. 
The 
derivatives 
falling 
under 
the 
scope 
of 
an 
ISDA 
agreement 
can 
be 
netted 
in 
conditional 
circumstances 
such 
as 
default 
or 
bankruptcy. 
The 
company 
had 
financial 
derivatives 
that 
can 
be 
netted 
as 
per 
ISDA 
at 
a 
total 
fair 
value 
of 
EUR 
-12.3 
(-18.4) 
million 
on 
31 
December 
2025. 
In 
addition, 
the 
company 
had 
electricity 

 
 
 
131 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
derivatives 
with 
OTC 
counterparties 
that 
can 
be 
netted 
as 
per 
a 
framework 
agreement 
at 
a 
total 
fair 
value 
of 
EUR 
-3.0 
(-4.5) 
million. 
The 
derivative 
transactions 
hedging 
the 
company’s 
loan 
portfolio 
consist 
of 
interest 
rate 
and 
cross 
currency 
swaps 
as 
well 
as 
purchased 
cap 
options, 
which 
serve 
to 
hedge 
most 
of 
the 
loan 
portfolio 
from 
a 
sudden 
change 
in 
short 
-term 
interest 
rates. 
During 
the 
financial 
year, 
the 
company 
used 
currency 
derivatives 
to 
hedge 
business 
transaction 
risks. 
Currency 
derivatives 
are 
used 
to 
fix 
the 
exchange 
rate 
for 
non-euro-denominated 
contracts 
related 
to 
business 
operations. 
Electricity 
derivatives 
are 
designed 
to 
hedge 
the 
price 
risk 
of 
future 
loss 
power 
purchases. 
Metal 
derivatives 
are 
used 
to 
hedge 
against 
the 
metal 
price 
risk 
arising 
from 
purchases 
insofar 
as 
it 
cannot 
otherwise 
be 
managed, 
typically 
with 
fixed 
contracts 
between 
the 
supplier 
and 
client. 
The 
company 
did 
not 
conclude 
any 
metal 
derivative 
transactions 
in 
2025. 
The 
management 
of 
electricity 
price 
risk 
is 
described 
in 
chapter 
4.1.7. 
The 
sensitivity 
of 
the 
loan 
portfolio 
to 
interest 
rate 
risk 
is 
measured 
by 
using 
a 
Cash 
Flow 
at 
Risk 
(CFaR) 
type 
of 
model, 
more 
specifically 
the 
Autoregressive 
Integrated 
Moving 
Average 
(ARIMA) 
model. 
The 
key 
parameters 
of 
the 
model 
are 
the 
3-month 
and 
6-month 
Euribor 
rates, 
where 
the 
historical 
time 
series 
serve 
as 
a 
basis 
for 
a 
forward-
looking 
simulation 
of 
the 
probable 
future 
interest 
expenses 
for 
Fingrid’s 
loan 
portfolio. 
The 
exposure 
on 
which 
the 
sensitivity 
analysis 
is 
calculated 
includes 
all 
of 
the 
Group’s 
interest 
-bearing 
borrowings, 
the 
loan 
portfolio’s 
derivatives 
and 
interest 
-rate 
options 
purchased 
to 
hedge 
against 
unexpected 
changes 
in 
interest 
rates. 
According 
to 
the 
model, 
there 
is 
a 
95% 
probability 
that 
Fingrid’s 
interest 
expenses 
will 
amount 
to 
a 
maximum 
of 
EUR 
46.7 
million 
during 
the 
next 
12 
months. 
The 
sensitivity 
of 
the 
net 
fair 
value 
of 
currency 
derivatives 
to 
exchange 
rates 
on 
the 
reporting 
date 
is 
measured 
as 
a 
10 
per 
cent 
change 
in 
exchange 
rates 
between 
the 
euro 
and 
foreign 
currencies. 
The 
sensitivity 
analyses 
gauge 
changes 
in 
the 
spot 
and 
future 
rates 
on 
the 
reporting 
date 
while 
keeping 
the 
other 
factors 
constant. 
If 
the 
euro 
had 
been 
10% 
stronger/weaker 
compared 
to 
foreign 
currencies 
on 
31 
December 
2025, 
the 
impact 
on 
the 
Group’s 
profit 
before 
taxes 
would 
have 
been 
EUR 
1.9 
million 
negative/EUR 
2.3 
million 
positive. 
The 
amount 
of 
loss 
power 
procured 
was 
1.9 
(1.7) 
terawatt 
hours, 
and 
the 
average 
price 
was 
EUR 
44.77 
(47.37) 
per 
megawatt 
hour. 
he 
change 
in 
the 
fair 
value 
of 
the 
electricity 
derivatives 
used 
for 
hedging 
the 
price 
of 
Fingrid’s 
loss 
power 
purchases 
recognised 
in 
the 
operating 
profit 
was 
EUR 
1.5 
positive 
(EUR 
38.6 
million 
negative). 
The 
volatility 
in 
the 
fair 
value 
of 
electricity 
derivatives 
can 
be 
significant. 
The 
positive 
impact 
on 
profit 
resulted 
from 
the 
effect 
of 
higher 
market 
quotations 
for 
electricity 
derivatives 
on 
the 
fair 
value 
of 
the 
electricity 
derivatives. 
Fingrid 
holds 
its 
bought 
derivatives 
to 
maturity. 
In 
2025, 
2.66 
TWh 
of 
system 
price 
and 
electricity 
price 
area 
differential 
derivatives 
reached 
maturity, 
and 
3.50 
TWh 
of 
new 
derivative 
contracts 
were 
entered 
into, 
resulting 
in 
a 
positive 
net 
change 
in 
derivatives 
of 
0.84 
TWh. 
The 
sensitivity 
of 
the 
fair 
value 
of 
electricity 
derivatives 
in 
relation 
to 
changes 
in 
the 
price 
of 
electricity 
is 
measured 
as 
the 
difference 
a 
10 
per 
cent 
fluctuation 
in 
market 
price 
would 
have 
on 
outstanding 
electricity 
derivatives 
on 
the 
reporting 
date. 
An 
increase/decrease 
of 
10 
per 
cent 
in 
the 
market 
price 
of 
electricity 
would 
have 
an 
impact 
of 
EUR 
14.1 
million/EUR 
–14.1 
million 
on 
the 
Group’s 
profit 
before 
taxes.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting 
principles 
Derivative 
instruments 
Derivatives 
are 
initially 
recognised 
at 
fair 
value 
according 
to 
the 
date 
the 
derivative 
contract 
is 
concluded, 
and 
are 
subsequently 
re-measured 
at 
fair 
value. 
The 
fair 
value 
of 
derivatives 
on 
the 
reporting 
date 
are 
based 
on 
calculation 
methods 
in 
line 
with 
market 
practice. 
Changes 
in 
the 
fair 
value 
of 
interest 
rate 
and 
currency 
exchange 
derivatives 
are 
recognised 
directly 
in 
the 
income 
statement, 
either 
under 
finance 
income 
or 
costs. 
Changes 
in 
the 
fair 
value 
of 
electricity 
and 
metal 
derivatives 
are 
recognised 
in 
other 
operating 
income. 
The 
Group 
does 
not 
apply 
hedge 
accounting, 
and 
the 
rules 
applied 
to 
hedge 
accounting 
according 
to 
IFRS 
9 
do 
not 
affect 
the 
company’s 
accounting 
procedures. 
Electricity 
derivatives 
The 
company 
enters 
into 
electricity 
derivative 
contracts 
in 
order 
to 
hedge 
the 
price 
risk 
of 
electricity 
purchases 
in 
accordance 
with 
the 
loss 
power 
forecast. 
Metal 
derivatives 
The 
company 
concludes 
metal 
derivative 
agreements 
to 
hedge 
against 
the 
metal 
price 
risk 
arising 
from 
purchases.

 
 
 
 
 
 
132 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest 
and 
currency 
derivatives 
The 
company 
enters 
into 
derivative 
contracts 
in 
order 
to 
hedge 
loans’ 
interest 
rate 
and 
foreign 
exchange 
risk 
and 
the 
foreign 
exchange 
risk 
of 
purchases. 
A 
derivative 
asset 
or 
liability 
is 
recognised 
at 
its 
original 
fair 
value. 
Derivatives 
are 
measured 
at 
fair 
value 
at 
the 
closing 
date, 
and 
the 
change 
in 
fair 
value 
is 
recognised 
in 
the 
income 
statement 
under 
finance 
income 
and 
costs. 
Currency 
derivatives 
have 
been 
measured 
at 
the 
forward 
prices. 
Interest 
rate 
and 
currency 
swaps 
have 
been 
measured 
at 
the 
present 
value 
on 
the 
basis 
of 
the 
yield 
curve 
of 
each 
currency. 
Interest 
rate 
options 
have 
been 
valued 
using 
generally 
accepted 
option 
pricing 
models 
in 
the 
market.
 
4.3.5 
Equity 
and 
dividend 
distribution
The 
company's 
share 
capital 
is 
EUR 
55,922,485.55. 
Fingrid 
shares 
are 
divided 
into 
Series 
A 
shares 
and 
Series 
B 
shares. 
The 
number 
of 
Series 
A 
shares 
is 
2,078 
and 
the 
number 
of 
Series 
B 
shares 
is 
1,247. 
The 
maximum 
number 
of 
shares 
is 
13,300, 
as 
in 
2024. 
The 
shares 
have 
no 
par 
value. 
Series 
A 
shares 
confer 
three 
votes 
each 
at 
the 
Annual 
General 
Meeting 
and 
Series 
B 
shares 
one 
vote 
each. 
When 
electing 
members 
of 
the 
Board 
of 
Directors, 
Series 
A 
shares 
confer 
10 
votes 
each 
at 
the 
Annual 
General 
Meeting 
and 
Series 
B 
shares 
one 
vote 
each. 
Series 
B 
shares 
have 
the 
right 
before 
Series 
A 
shares 
to 
obtain 
the 
annual 
minimum 
dividend 
specified 
below 
from 
the 
funds 
available 
for 
profit 
distribution. 
If 
the 
annual 
minimum 
dividend 
cannot 
be 
distributed 
in 
some 
year, 
the 
shares 
confer 
a 
right 
to 
receive 
the 
undistributed 
amount 
from 
the 
funds 
available 
for 
profit 
distribution 
in 
the 
subsequent 
years; 
however, 
such 
that 
Series 
B 
shares 
have 
the 
right 
over 
Series 
A 
shares 
to 
receive 
the 
annual 
minimum 
dividend 
and 
the 
undistributed 
amount.
Fingrid 
Oyj's 
Annual 
General 
Meeting 
decides 
on 
the 
annual 
dividend 
Eighty-two 
per 
cent 
of 
the 
dividends 
to 
be 
distributed 
for 
each 
financial 
year 
is 
distributed 
for 
all 
Series 
A 
shares 
and 
eighteen 
per 
cent 
for 
all 
Series 
B 
shares, 
however 
such 
that 
EUR 
twenty 
million 
of 
the 
dividends 
to 
be 
distributed 
for 
each 
financial 
year 
is 
first 
distributed 
for 
all 
Series 
B 
shares. 
If 
the 
above 
-mentioned 
EUR 
twenty 
million 
minimum 
amount 
for 
the 
financial 
period 
is 
not 
distributed 
(all 
or 
in 
part) 
for 
Series 
B 
shares 
in 
a 
financial 
period, 
Series 
B 
shares 
confer 
the 
right 
to 
receive 
the 
undistributed 
minimum 
amount 
in 
question 
(or 
the 
accumulated 
undistributed 
minimum 
amount 
accrued 
during 
such 
financial 
periods) 
in 
the 
next 
profit 
distribution, 
in 
any 
disbursements 
paid 
out, 
or 
in 
any 
other 
distribution 
of 
assets 
prior 
to 
any 
other 
dividends, 
disbursements 
or 
asset 
distribution 
until 
the 
undistributed 
minimum 
amount 
has 
been 
distributed 
in 
full 
for 
Series 
B 
shares. 
There 
are 
no 
non-controlling 
interests.
Equity 
is 
composed 
of 
the 
share 
capital, 
share 
premium 
account, 
revaluation 
reserve 
(incl. 
fair 
value 
reserve), 
translation 
reserve, 
and 
retained 
earnings. 
The 
translation 
reserve 
includes 
translation 
differences 
in 
the 
net 
capital 
investments 
of 
associated 
companies 
in 
accordance 
with 
the 
equity 
method 
of 
accounting. 
The 
profit 
for 
the 
financial 
year 
is 
booked 
in 
retained 
earnings.
Share 
premium 
account 
The 
share 
premium 
account 
includes 
the 
difference 
between 
the 
counter 
value 
of 
the 
shares 
and 
the 
value 
obtained. 
The 
share 
premium 
account 
consists 
of 
restricted 
equity 
as 
referred 
to 
in 
the 
Finnish 
Limited 
Liability 
Companies 
Act. 
The 
share 
capital 
can 
be 
increased 
by 
transferring 
funds 
from 
the 
share 
premium 
account. 
The 
share 
premium 
account 
can 
be 
decreased 
in 
order 
to 
cover 
losses 
or, 
under 
certain 
conditions, 
it 
can 
be 
returned 
to 
the 
owners.
Changes 
to 
equity 
funds 
during 
the 
financial 
year 
are 
presented 
in 
the 
statement 
of 
changes 
in 
equity.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number 
of 
shares 
Of 
all 
shares 
% 
Of 
votes 
% 
SHAREHOLDERS 
BY 
CATEGORY 
31 
DEC 
2025 
Public 
organisations 
1,768 
53.17 
70.88 
Financial 
and 
insurance 
institutions 
1,557 
46.83 
29.12 

 
 
 
 
 
 
 
 
 
 
 
133 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total 
3,325 
100.00 
100.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number 
of 
shares 
Of 
all 
shares 
% 
Of 
votes 
% 
Shareholders, 
31 
Dec 
2025 
Republic 
of 
Finland, 
represented 
by 
the 
Ministry 
of 
Finance 
1,227 
36.90 
49.20 
Aino 
Holding 
Ky 
878 
26.41 
11.74 
Mutual 
Pension 
Insurance 
Company 
Ilmarinen 
661 
19.88 
17.15 
National 
Emergency 
Supply 
Agency 
540 
16.24 
21.67 
Imatran 
Seudun 
Sähkö 
Oy 
10 
0.30 
0.13 
Fennia 
Life 
6 
0.18 
0.08 
Elo 
Mutual 
Pension 
Insurance 
1 
0.03 
0.01 
OP 
Insurance 
Ltd 
1 
0.03 
0.01 
The 
State 
Pension 
Fund 
1 
0.03 
0.01 
Total 
3,325 
100.00 
100.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
25. 
SHAREHOLDERS 
BY 
CATEGORY 
The 
share 
capital 
is 
broken 
down 
as 
follows 
Number 
of 
shares 
Of 
all 
shares 
% 
Of 
votes 
% 
Series 
A 
shares 
2,078 
62.50 
83.33 
Series 
B 
shares 
1,247 
37.50 
16.67 
Total 
3,325 
100.00 
100.00
Fingrid’s 
dividends 
are 
distributed 
such 
that 
the 
shareholders 
receive 
a 
reasonable 
return 
on 
their 
invested 
capital, 
but 
also 
such 
that 
the 
company’s 
financial 
position 
remains 
stable. 
Fingrid 
Oyj’s 
distributable 
funds 
in 
the 
financial 
statements 
total 
EUR 
233,705,190.74. 
Based 
on 
the 
2024 
financial 
statements, 
EUR 
135.3 
(137.1) 
million 
was 
paid 
in 
dividends. 
Since 
the 
closing 
date, 
the 
Board 
of 
Directors 
has 
proposed 
to 
the 
Annual 
General 
Meeting 
of 
shareholders, 
on 
the 
basis 
of 
the 
balance 
sheet 
adopted 
for 
the 
financial 
period 
that 
ended 
on 
31 
December 
2025, 
a 
dividend 
totalling 
EUR 
137,858,500.00
 
at 
maximum. 
The 
dividend 
shall 
be 
paid 
in 
two 
instalments. 
The 
first 
instalment 
of 
EUR 
36,300.00 
for 
each 
Series 
A 
share 
and 
EUR 
13,300.00 
for 
each 
Series 
B 
share, 
totalling 
EUR 
92,016,500.00, 
shall 
be 
paid 
on 
30 
March 
2026. 
The 
second 
instalment, 
totalling 
EUR 
45,842,000.00 
at 
maximum, 
will 
be 
paid 
according 
to 
the 
Board 
of 
Directors’ 
decision 
based 
on 
the 
authorisation 
given 
to 
the 
Board 
in 
the 
Annual 
General 
Meeting. 
The 
Board 
has 
the 
right 
to 
decide, 
based 
on 
the 
authorisation 
granted 
to 
it, 
on 
the 
paym 
ent 
of 
the 
second 
dividend 
instalment 
after 
the 
half-year 
report 
has 
been 
confirmed 
and 
it 
has 
assessed 
the 
company’s 
solvency, 
financial 
position 
and 
financial 
development. 
The 
Board 
will 
distribute 
the 
dividend 
to 
the 
shareholders 
of 
the 
different 
share 
series 
in 
the 
manner 
prescribed 
by 
the 
Articles 
of 
Association 
in 
force 
at 
the 
time 
of 
the 
Board’s 
decision. 
The 
dividends 
decided 
on 
with 
the 
Board’s 
authorisation 
will 
be 
paid 
on 
the 
third 
banking 
day 
after 
the 
decision. 
The 
authorisation 
is 
proposed 
to 
remain 
valid 
until 
the 
next 
Annual 
General 
Meeting 
. 
The 
distributable 
funds 
are 
calculated 
on 
the 
basis 
of 
the 
parent 
company’s 
equity. 
Dividends 
are 
paid 
based 
on 
the 
distributable 
funds 
of 
the 
parent 
company. 
The 
guiding 
principle 
for 
Fingrid’s 
dividend 
policy 
is 
to 
distribute 
substantially 
all 
of 
the 
parent 
company 
profit 
as 
dividends. 
When 
making 
the 
decision, 
however, 
the 
economic 
conditions, 
the 
company’s 
near-term 
capital 
expenditure 
and 
development 
needs 
as 
well 
as 
any 
prevailing 
financial 
targets 
of 
the 
company 
are 
always 
taken 
into 
account. 
The 
table 
below 
indicates 
the 
differences 
between 
the 
consolidated 
IFRS 
income 
statement 
and 
the 
parent 
company’s 
FAS 
income 
statement.
 
 
 
 
 
BRIDGE 
CALCULTION 
FROM 
IFRS 
RESULT 
TO 
FAS 
RESULT, 
MEUR 
2025 
2024 
Consolidated 
profit 
for 
the 
financial 
period 
(IFRS) 
179.0 
149.2 
IFRS 
15 
revenue 
recognition 
33.8 
23.9 

 
 
 
 
134 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Change 
in 
the 
market 
value 
of 
derivatives 
2.2 
41.0 
Cancellation 
of 
the 
amortisation 
of 
rights 
of 
use 
to 
line 
areas 
-3.4 
-3.4 
FAS 
/ 
IFRS 
differences 
in 
financial 
costs 
-10.7 
-13.1 
Eliminations 
and 
other 
FAS 
/ 
IFRS 
differences 
0.6 
-4.2 
Change 
in 
depreciation 
difference 
- 
-61.7 
Deferred 
tax 
-4.6 
3.4 
Parent 
company 
profit 
for 
the 
financial 
period 
(FAS) 
196.8 
135.0
Accounting 
principles 
 
 
 
 
 
 
 
 
 
Dividend 
distribution 
The 
Board 
of 
Directors' 
proposal 
concerning 
dividend 
distribution 
is 
not 
recorded 
in 
the 
financial 
statements. 
The 
liability 
and 
equity 
is 
recognised 
only 
after 
a 
decision 
is 
made 
by 
the 
Annual 
General 
Meeting 
of 
Shareholders.
4.4 
Other 
information 
4.4.1 
Group 
companies 
and 
related 
parties 
The 
Group 
has 
two 
Fingrid's 
wholly-owned 
subsidiaries, 
Finextra 
Oy 
and 
Fingrid 
Datahub 
Oy. 
Finextra 
Oy 
is 
a 
subsidiary 
wholly-owned 
by 
Fingrid 
Oyj 
established 
to 
handle 
the 
statutory 
public 
service 
obligations 
not 
included 
in 
actual 
grid 
operations 
or 
transmission 
system 
responsibility. 
These 
tasks 
include 
peak 
load 
capacity 
services 
and 
guarant 
ee-of 
-origin 
services 
for 
electricity. 
No 
power 
plants 
participated 
in 
the 
peak 
load 
capacity 
system 
in 
2025. 
The 
Energy 
Authority 
oversees 
Finextra’s 
operations 
and 
reasonable 
returns 
from 
its 
services. 
The 
key 
duties 
of 
Fingrid 
Datahub 
Oy 
are 
to 
offer 
and 
develop 
centralised 
electricity 
market 
information 
exchange 
services 
and 
other 
related 
services 
for 
electricity 
market 
participants 
and 
to 
govern 
the 
register 
information 
of 
consumption 
sites 
required 
by 
the 
electricity 
market. 
The 
subsidiary 
manages 
the 
operational 
activities 
linked 
to 
Datahub 
and 
is 
responsible 
for 
the 
system 
development 
of 
Datahub. 
Datahub 
is 
a 
centralised 
information 
exchange 
system 
for 
electricity 
retail 
markets 
that 
stores 
data 
from 
Finland’s 
4 
million 
sites 
of 
electricity 
consumption
The 
associated 
companies, 
eSett 
Oy 
(holding 
25.0 
per 
cent) 
and 
Nordic 
RCC 
A/S 
(holding 
25.0 
per 
cent), 
have 
been 
consolidated 
accordingly. 
Nordic 
RCC 
supports 
Nordic 
TSOs 
in 
managing 
system 
security 
and 
sets 
the 
electricity 
system’s 
transmission 
capacities.
The 
investments 
in 
associated 
companies 
included 
in 
the 
balance 
sheet 
are 
composed 
of 
the 
following:
 
 
 
 
 
 
 
 
 
 
26. 
INVESTMENTS 
IN 
ASSOCIATED 
COMPANIES, 
€ 
1,000 
2025 
2024 
Non-current 
Interests 
in 
associated 
companies 
14,197 
13,702 
Total 
14,197 
13,702
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial 
summary 
of 
associated 
companies, 
€1,000 
Non-current 
Current 
assets 
Turnover 
Profit/loss 
Ownership 
(%) 
2025 
Assets 
Liabilities 
Assets 
Liabilities 
eSett 
Oy 
5,955 
118,156 
114,682 
9,480 
259 
25.0 
Nordic 
RCC 
AS 
39,766 
3,930 
17,446 
6,149 
48,791 
1,700 
25.0 
Non-current 
Current 
assets 
Turnover 
Profit/loss 
Ownership 
(%) 
2024 
Assets 
Liabilities 
Assets 
Liabilities 
eSett 
Oy 
5,562 
143,363 
139,744 
8,440 
246 
25.0
Nordic 
RCC 
AS 
42,913 
3,875 
18,249 
11,784 
37,408 
1,592 
25.0

135 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
The 
Group’s 
associated 
companies 
indicated 
in 
the 
tables 
are 
treated 
in 
the 
consolidated 
financial 
statements 
using 
the 
equity 
method 
of 
accounting
.
The 
company 
has 
an 
equity 
investment 
in 
Danish 
kroner 
in 
an 
associated 
company, 
which 
results 
in 
exposure 
to 
translation 
risk. 
The 
translation 
risk 
is 
not 
significant, 
and 
the 
company 
does 
not 
hedge 
against 
this 
risk.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity 
investments 
in 
associated 
companies, 
€ 
1,000 
2025 
2024 
Cost 
at 
1 
Jan 
13,702 
13,291 
Increases 
512 
443 
Decreases 
-0 
-16 
Translation 
reserve 
-17 
-16 
Carrying 
amount 
31 
Dec 
14,197 
13,702 
There 
are 
no 
material 
temporary 
differences 
related 
to 
associated 
companies 
on 
which 
deferred 
tax 
assets 
or 
liabilities 
have 
been 
recognised.
 
 
 
 
 
Transactions 
with 
associated 
companies, 
€ 
1,000 
2025 
2024 
Sales 
10 
13 
Purchases 
14,092 
11,231 
Receivables 
4 
21,195 
Liabilities 
2,052 
-
The 
subsidiaries, 
associated 
companies 
and 
parent 
company 
(Fingrid 
Oyj) 
described 
above 
are 
related 
parties 
of 
the 
Group. 
In 
addition, 
the 
shareholder 
entities 
mentioned 
in 
chapter 
4.3.5 
and 
the 
top 
management 
and 
its 
related 
parties 
are 
also 
considered 
related 
parties. 
The 
top 
management 
is 
composed 
of 
the 
Board 
of 
Directors, 
the 
President 
& 
CEO, 
and 
the 
executive 
management 
group. 
All 
transactions 
between 
Fingrid 
and 
related 
parties 
take 
place 
on 
market 
terms. 
The 
company 
has 
not 
lent 
money 
to 
the 
top 
management, 
and 
the 
company 
has 
no 
transactions 
with 
the 
top 
management. 
At 
the 
close 
of 
the 
reporting 
period, 
the Republic of Finland
 
owned 
53.1 
per 
cent 
of 
the 
company’s 
shares. 
The 
Finnish 
Parliament 
has 
authorised 
the 
Ministry 
of 
Finance 
to 
reduce 
the 
state’s 
ownership 
in 
Fingrid 
Oyj 
to 
no 
more 
than 
50.1 
per 
cent 
of 
the 
company’s 
shares 
and 
votes. 
The 
company 
applies 
in 
its 
related 
party 
disclosures 
the 
practical 
relief 
as 
defined 
in 
IAS 
24.25.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remuneration 
of 
the 
Board 
of 
Directors, 
the 
President 
and 
CEO 
and 
Executive 
Management 
Group 
2025 
2024 
Salaries 
and 
other 
short-term 
employee 
benefits 
1,998 
1,853 
Statutory 
pensions 
303 
281 
Variable 
remuneration 
640 
625 
Total 
2,941 
2,759 
Salaries 
and 
fees 
have 
been 
reported 
on 
a 
cash 
flow 
basis 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Salaries 
and 
bonuses 
of 
the 
members 
of 
the 
Board 
of 
Directors 
and 
President 
and 
CEO, 
€1,000 
2025 
2024 
Eeva-Liisa 
Virkkunen, 
Chairman 
(since 
2 
April.2025) 
37 
Leena 
Mörttinen 
Vice 
Chairman 
29 
24 
Jero 
Ahola, 
Member 
of 
the 
Board 
25 
21 
Anne 
Jalkala, 
Member 
of 
the 
Board 
24 
20 
Mikko 
Mursula 
(since 
21 
March 
2024) 
25 
16 
Jukka 
Reijonen, 
Member 
of 
the 
Board 
(until 
21 
March 
2024) 
- 
5 
Hannu 
Linna, 
Chairman 
(until 
20 
March 
2020) 
14 
42 
Total 
154 
128 
Asta 
Sihvonen-Punkka, 
President 
and 
CEO 
(since 
1 
January 
2024) 
468 
356 
Jukka 
Ruusunen, 
President 
and 
CEO 
(until 
31 
December 
2023) 
- 
235 
Total 
739 
847 

 
 
 
 
136 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Remuneration 
earned 
in 
previous 
years 
was 
paid 
to 
Jukka 
Ruusunen 
in 
2024.
 
 
 
 
Accounting 
principles 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subsidiaries 
The 
subsidiaries 
encompass 
all 
companies 
over 
which 
the 
Group 
has 
control. 
The 
Group 
is 
considered 
to 
have 
control 
over 
a 
company 
if 
the 
Group’s 
holding 
results 
in 
exposure 
to 
variable 
returns 
or 
if 
the 
Group 
is 
entitled 
to 
variable 
returns 
and 
it 
can 
influence 
these 
returns 
by 
exercising 
its 
control 
over 
the 
company. 
The 
subsidiaries 
are 
consolidated 
into 
the 
consolidated 
financial 
statements 
starting 
from 
the 
day 
on 
which 
the 
Group 
gained 
control 
over 
the 
company. 
Consolidation 
is 
discontinued 
once 
the 
control 
ceases 
to 
exist. 
Consolidation 
of 
operations 
is 
carried 
out 
using 
acquisition 
cost 
method. 
Transactions, 
receivables 
and 
liabilities 
between 
Group 
companies 
and 
any 
unrealised 
profits 
from 
internal 
transactions 
are 
eliminated. 
Unrealised 
losses 
are 
also 
eliminated 
unless 
the 
transaction 
indicates 
an 
impairment 
of 
the 
disposed 
asset. 
If 
necessary, 
the 
financial 
statements 
of 
the 
subsidiaries 
have 
been 
adjusted 
to 
correspond 
to 
the 
accounting 
principles 
applied 
by 
the 
Group.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Associated 
companies 
The 
associated 
companies 
include 
all 
companies 
over 
which 
the 
Group 
has 
significant 
influence 
but 
no 
control 
or 
joint 
control. 
This 
is 
generally 
based 
on 
a 
shareholding 
amounting 
to 
20 
–50% 
of 
the 
votes. 
Investments 
in 
associated 
companies 
are 
initially 
recognised 
at 
the 
acquisition 
cost 
and 
subsequently 
handled 
using 
the 
equity 
method. 
According 
to 
the 
equity 
method, 
investments 
are 
initially 
recorded 
at 
the 
acquisition 
cost 
and 
this 
is 
subsequently 
adjusted 
by 
recognising 
the 
Group’s 
share 
of 
the 
profit 
or 
loss 
after 
the 
time 
of 
acquisition 
in 
the 
income 
statement 
and 
the 
Group’s 
share 
of 
any 
changes 
in 
the 
investment 
object’s 
other 
comprehensive 
income 
in 
other 
comprehensive 
income. 
Any 
dividends 
received 
or 
to 
be 
received 
from 
the 
associated 
companies 
and 
joint 
ventures 
are 
deducted 
from 
the 
investment’s 
carrying 
amount. 
If 
the 
Group’s 
share 
of 
the 
losses 
of 
an 
investment 
recognised 
according 
to 
the 
equity 
method 
equals 
or 
exceeds 
the 
Group’s 
holding 
in 
the 
company 
in 
question, 
including 
any 
other 
non-current 
receivables 
without 
collaterals, 
the 
Group 
will 
not 
recognise 
any 
additional 
losses 
unless 
it 
has 
obligations 
or 
it 
has 
made 
payments 
on 
behalf 
of 
the 
company. 
A 
share 
corresponding 
to 
the 
Group’s 
ownership 
interest 
is 
eliminated 
from 
the 
unrealised 
profits 
between 
the 
Group 
and 
its 
associated 
companies 
and 
joint 
ventures. 
Any 
unrealised 
losses 
are 
also 
eliminated 
unless 
the 
transaction 
indicates 
an 
impairment 
of 
the 
disposed 
asset. 
If 
necessary, 
the 
accounting 
principles 
applied 
by 
the 
investments 
to 
be 
recognised 
according 
to 
the 
equity 
method 
have 
been 
adjusted 
to 
correspond 
to 
the 
principles 
applied 
by 
the 
Group.
4.4.2 
Other 
notes 
Emission 
rights 
Fingrid’s 
reserve 
power 
plants 
are 
subject 
to 
an 
environmental 
permit 
and 
covered 
by 
the 
EU’s 
emissions 
trading 
scheme. 
Emission 
rights 
purchased 
in 
2025 
amounted 
to 
7,000 
units 
(tCO
2
). 
Emissions 
trading 
had 
minor 
financial 
significance 
for 
Fingrid. 
CO
2 
emissions 
included 
in 
emissions 
trading 
totalled 
4,875 
(5,123) 
tonnes 
in 
the 
reporting 
year.
 
 
 
 
 
 
 
 
 
 
Accounting 
principles 
Emission 
rights 
Purchased 
emission 
rights 
are 
recognised 
in 
intangible 
assets 
at 
their 
acquisition 
cost. 
A 
liability 
is 
recognised 
for 
emission 
rights 
to 
be 
returned. 
If 
the 
Group 
has 
sufficient 
emission 
rights 
to 
cover 
the 
return 
obligations, 
the 
liability 
is 

 
 
 
 
 
 
 
137 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
recognised 
at 
the 
carrying 
amount 
corresponding 
to 
the 
emission 
rights 
in 
question. 
If 
there 
are 
not 
sufficient 
emission 
rights 
to 
cover 
the 
return 
obligations, 
the 
liability 
is 
recognised 
at 
the 
market 
value 
of 
the 
emission 
rights 
in 
question. 
No 
amortisation 
is 
recognised 
on 
emission 
rights. 
They 
are 
derecognised 
in 
the 
balance 
sheet 
at 
the 
time 
of 
transfer 
when 
the 
actual 
emissions 
have 
been 
ascertained. 
The 
expense 
resulting 
from 
the 
liability 
is 
recognised 
in 
the 
income 
statement 
under 
the 
expense 
item 
‘Materials 
and 
services’. 
Capital 
gains 
from 
emissions 
rights 
are 
recognised 
under 
other 
operating 
income.
27. 
PROVISIONS, 
€ 
1,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2025 
2024 
Provisions 
for 
creosote-impregnated 
towers 
1 
Jan 
2,854 
2,870 
Increase 
in 
provisions 
273 
73 
Decrease 
in 
provisions 
-17 
- 
Provisions 
used 
-152 
-89 
Provisions 
31 
Dec 
2,957 
2,854
 
 
 
 
Accounting 
principles 
 
 
 
 
 
 
 
 
 
 
Provisions 
A 
provision 
is 
recorded 
when 
the 
Group 
has 
a 
legal 
or 
factual 
obligation 
based 
on 
an 
earlier 
event 
and 
it 
is 
likely 
that 
fulfilling 
the 
obligation 
will 
require 
a 
payment, 
and 
the 
amount 
of 
the 
obligation 
can 
be 
estimated 
reliably. 
The 
provisions 
are 
valued 
at 
the 
present 
value 
of 
the 
costs 
required 
to 
cover 
the 
obligation. 
The 
discounting 
factor 
used 
in 
calculating 
the 
present 
value 
is 
chosen 
so 
that 
it 
reflects 
the 
market 
view 
of 
the 
time 
value 
of 
money 
at 
the 
assessment 
date 
and 
the 
risks 
pertaining 
to 
the 
obligation.
28. 
COMMITMENTS 
AND 
CONTINGENT 
LIABILITIES, 
€1,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2025 
2024 
Pledges 
300 
297 
Other 
financial 
commitments 
Rent 
security 
deposit, 
guarantee 
2,609 
2,609 
Credit 
facility 
commitment 
fee 
and 
commitment 
fee: 
Commitment 
fee 
for 
the 
next 
year 
629 
779 
Commitment 
fee 
for 
subsequent 
years 
991 
1,487 
4,228 
4,874 
Unrecognised 
investment 
commitments 
604,147 
625,570 
The 
investment 
commitments 
consist 
of 
agreements 
signed 
by 
the 
company 
to 
carry 
out 
grid 
construction 
projects 
and 
to 
procure 
the 
datahub 
system. 
Payment 
obligations 
from 
right-of-use 
agreements 
for 
reserve 
power 
plants: 
In 
one 
year 
5,332 
5,332 
In 
more 
than 
one 
year 
and 
less 
than 
five 
years 
7,341 
11,630 
In 
more 
than 
five 
years 
2,154 
3,198 
Total 
14,827 
20,160
Under 
its 
system 
responsibility, 
Fingrid 
is 
also 
obligated 
to 
maintain 
a 
rapid 
response 
disturbance 
reserve 
to 
prepare 
for 
disruptions 
to 
the 
power 
system. 
In 
order 
to 
ensure 
the 
availability 
of 
this 
disturbance 
reserve, 
Fingrid 
has, 
in 
addition 
to 
its 
reserve 
power 
plant 
capacity, 
acquired 
power 
plant 
capacity 
suited 
to 
this 
purpose 
by 
long-term 
Right-
of-use 
agreements.

138 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Legal 
proceedings 
and 
proceedigns 
by 
authorities
On 
2 
January 
2024, 
Fingrid 
appealed 
to 
the 
Market 
Court 
against 
the 
Energy 
Authority’s 
decision 
of 
30 
November 
2023 
on 
the 
terms 
and 
conditions 
of 
balance 
service. 
The 
appeal 
mainly 
concerned 
the 
collateral 
model 
for 
balance 
responsible 
parties 
presented 
in 
the 
decision. 
In 
its 
decision 
issued 
on 
17 
October 
2025, 
the 
Market 
Court 
dismissed 
Fingrid’s 
appeal 
in 
its 
entirety 
and 
upheld 
the 
Energy 
Authority’s 
decision. 
The 
Energy 
Authority’s 
decision, 
which 
remains 
valid, 
included 
major 
changes 
to 
the 
previously 
applicable 
collateral 
terms 
and 
set 
apart 
Finland’s 
collateral 
model 
from 
that 
used 
in 
other 
Nordic 
countries. 
As 
a 
result 
of 
the 
decision, 
the 
collateral 
required 
from 
the 
balance 
responsible 
parties 
was 
significantly 
reduced. 
Fingrid 
did 
not 
appeal 
the 
Market 
Court’s 
decision. 
On 
29 
January 
2024, 
Fingrid 
appealed 
to 
the 
Market 
Court 
against 
the 
Energy 
Authority’s 
decision 
on 
the 
regulatory 
methods 
concerning 
the 
specification 
of 
the 
profit 
for 
the 
electricity 
transmission 
grid 
operations 
for 
the 
sixth 
(1 
Jan 
2024–31 
Dec 
2027) 
and 
seventh 
(1 
Jan 
2028–31 
Dec 
2031) 
regulatory 
periods. 
In 
its 
decision, 
the 
Market 
Court 
dismissed 
Fingrid’s 
appeal 
on 
21 
November 
2025. 
Fingrid 
filed 
an 
appeal 
with 
the 
Supreme 
Administrative 
Court 
on 
23 
December 
2025 
against 
the 
Market 
Court’s 
decision, 
as 
the 
current 
regulatory 
methods 
undermine 
the 
company’s 
ability 
to 
develop 
the 
main 
grid, 
implement 
the 
contingency 
measures 
required 
by 
the 
deteriorated 
security 
situation 
and 
ensure 
a 
reasonable 
return 
in 
accordance 
with 
the 
Electricity 
Market 
Act 
in 
a 
rapidly 
changing 
energy 
system. 
In 
Fingrid’s 
assessment, 
the 
regulatory 
methods 
decided 
by 
the 
Energy 
Authority 
represent 
a 
significant 
deterioration 
of 
the 
regulatory 
methods 
that 
ended 
at 
the 
end 
of 
2023. 
On 
12 
September 
2025, 
the 
Market 
Court 
issued 
its 
decision 
on 
the 
appeals 
filed 
by 
Fingrid 
and 
Teollisuuden 
Voima 
Oyj 
against 
the 
Energy 
Authority’s 
decision 
of 
11 
January 
2024 
concerning 
the 
scope 
of 
the 
national 
transmission 
system 
operator’s 
system 
responsibility 
regarding 
the 
grid 
connection 
of 
the 
Olkiluoto 
3 
nuclear 
power 
plant. 
The 
Market 
Court 
ruled 
mainly 
in 
favour 
of 
Fingrid’s 
appeal. 
The 
Market 
Court 
stated 
that 
Fingrid 
itself 
was 
not 
required 
to 
carry 
out 
all 
the 
actions 
necessary 
for 
the 
creation 
and 
operation 
of 
the 
Olkiluoto 
3 
protection 
scheme 
and, 
in 
support 
of 
Fingrid’s 
position, 
that 
the 
system 
protection 
scheme 
could 
be 
agreed 
on 
separately. 
According 
to 
the 
Market 
Court, 
Fingrid 
had 
the 
right 
to 
set 
protection-related 
terms 
and 
conditions 
for 
connecting 
to 
the 
main 
grid, 
without 
being 
fully 
responsible 
for 
fulfilling 
those 
terms 
and 
conditions 
through 
its 
own 
actions 
or 
costs. 
The 
Market 
Court 
also 
concluded 
that 
Fingrid 
had 
not 
violated 
the 
development, 
connection 
or 
transmission 
obligations 
under 
the 
Electricity 
Market 
Act. 
However, 
the 
Market 
Court 
found 
that 
Fingrid 
should 
have 
had 
the 
terms 
and 
conditions 
of 
the 
Olkiluoto 
3 
protection 
scheme 
fees 
approved 
by 
the 
Energy 
Authority. 
On 
27 
October 
2025, 
Fingrid 
appealed 
to 
the 
Supreme 
Administrative 
Court 
against 
the 
Market 
Court’s 
decision, 
because, 
according 
to 
Fingrid’s 
position, 
the 
implementation 
and 
maintenance 
responsibility 
for 
Olkiluoto 
3’s 
system 
protection 
scheme, 
including 
its 
costs, 
are 
in 
no 
way 
part 
of 
Fingrid’s 
system 
responsibility, 
and 
the 
terms 
and 
conditions 
of 
the 
system 
protection 
scheme 
or 
the 
basis 
for 
determining 
fees 
do 
not 
need 
to 
be 
submitted 
to 
the 
Energy 
Authority 
for 
approval. 
In 
accordance 
with 
the 
Energy 
Authority’s 
decision, 
Fingrid 
submitted 
its 
proposal 
concerning 
the 
determination 
principles 
for 
fees 
related 
to 
the 
Olkiluoto 
3 
protection 
scheme 
on 
30 
April 
2024. 
The 
Energy 
Authority 
issued 
its 
decision 
on 
the 
determination 
principles 
for 
fees 
on 
30 
December 
2024. 
According 
to 
the 
decision, 
TVO 
shall 
bear 
the 
costs 
for 
reimbursements 
to 
response 
resources 
connected 
to 
system 
protection 
and 
for 
the 
construction, 
maintenance 
and 
use 
of 
data 
communication 
connections. 
The 
decision 
states 
that 
Fingrid 
shall 
bear 
the 
costs 
for 
acquiring 
the 
response 
resources 
and 
awarding 
contracts, 
managing 
the 
system 
protection 
scheme 
and 
the 
tests 
to 
be 
carried 
out 
on 
the 
response 
resources 
for 
system 
protection, 
as 
well 
as 
for 
the 
maintenance 
of 
the 
measurement 
and 
monitoring 
system 
for 
system 
protection 
in 
Fingrid’s 
operation 
control 
system. 
Fingrid 
and 
TVO 
have 
agreed 
on 
fee 
arrangements 
for 
Olkiluoto 
3’s 
system 
protection 
scheme 
as 
of 
1 
January 
2025. 
The 
agreement 
is 
based 
on 
the 
decision 
issued 
by 
the 
Energy 
Authority 
on 
the 
costs 
for 
the 
system 
protection 
scheme 
on 
30 
December 
2024. 
Fingrid 
and 
TVO 
appealed 
the 
decision 
to 
the 
Market 
Court, 
which 
overturned 
the 
Energy 
Authority’s 
decision 
and 
referred 
the 
matter 
regarding 
the 
determination 
of 
the 
fees 
for 
Olkiluoto 
3’s 
system 
protection 
scheme 
back 
to 
the 
Energy 
Authority 
in 
its 
decision 
issued 
on 
7 
November 
2025. 
On 
10 
December 
2025, 
Fingrid 
appealed 
with 
the 
Supreme 
Administrative 
Court 
against 
the 
Market 
Court’s 
decision.
Future 
outlook 
Fingrid 
Group’s 
operating 
result 
for 
the 
2026 
financial 
period, 
excluding 
changes 
in 
the 
fair 
value 
of 
derivatives, 
is 
expected 
to 
increase 
clearly 
compared 
to 
2025. 
The 
electricity 
system 
is 
expanding 
and 
becoming 
more 
complex, 
and 
electricity 
transmission 
needs 
are 
growing, 
which 
means 
that 
the 
uncertainty 
related 
to 
the 
development 
of 
the 
company’s 
operating 
costs 
will 
remain 
in 
2026. 
The 
company’s 
financial 
position 
is 
expected 
to 
remain 
stable. 

139 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Events 
after 
the 
review 
period 
On 
2 
January 
2026, 
Fingrid 
appealed 
to 
the 
Market 
Court 
against 
the 
Energy 
Authority’s 
decision, 
which 
stated 
that 
there 
are 
insufficient 
long-term 
hedging 
opportunities 
in 
the 
Finnish 
bidding 
area. 
In 
its 
decision, 
the 
Energy 
Authority 
required 
Fingrid 
to 
submit 
a 
proposal 
for 
the 
necessary 
arrangements 
for 
the 
Energy 
Authority’s 
approval 
no 
later 
than 
1 
June 
2026. 
The 
Energy 
Authority’s 
decision 
on 
the 
insufficiency 
of 
hedging 
opportunities 
was 
based 
solely 
on 
trading 
in 
electricity 
derivatives 
exchanges 
in 
recent 
years 
and 
did 
not 
take 
into 
account 
trading 
outside 
of 
electricity 
derivatives 
exchanges. 
Fingrid 
has 
requested 
that 
the 
Energy 
Authority’s 
decision 
be 
overturned 
and 
that 
the 
matter 
be 
referred 
back 
to 
the 
Energy 
Authority 
for 
reprocessing. 
Fingrid 
has 
also 
requested 
a 
stay 
of 
enforcement 
for 
the 
decision 
until 
the 
appeal 
related 
to 
the 
decision 
becomes 
final. 
On 
23 
February 
2026, 
the 
Market 
Court 
rejected 
Fingrid’s 
request 
for 
a 
temporary 
stay 
of 
enforcement 
of 
the 
Energy 
Authority’s 
decision. 
Fingrid 
received 
an 
expropriation 
permit 
for 
the 
widening 
of 
the 
Torna 
–Lautakari 
transmission 
line 
area 
for 
the 
neutral 
line 
on 
27 
October 
2022. 
In 
the 
kick-off 
meeting 
for 
the 
expropriation 
procedure 
on 
1 
December 
2022, 
the 
expropriation 
committee 
decided 
that 
the 
expropriating 
party 
is 
obligated 
to 
assume 
responsibility 
for 
the 
tree 
stands 
within 
the 
scope 
of 
the 
rights 
and 
restrictions 
set 
in 
the 
expropriation 
permit, 
unless 
otherwise 
agreed. 
The 
final 
meeting 
of 
the 
expropriation 
procedure 
was 
held 
on 
16 
November 
2023. 
Fingrid 
appealed 
against 
the 
decision 
concerning 
the 
Torna 
–Lautakari 
tree 
stands’ 
expropriation 
to 
the 
Southwest 
Finland 
District 
Court’s 
Land 
Court 
on 
22 
December 
2023. 
The 
Land 
Court 
rejected 
both 
Fingrid’s 
and 
the 
landowners’ 
appeals 
in 
its 
decision 
issued 
on 
15 
January 
2026, 
and 
did 
not 
alter 
the 
decisions 
of 
the 
expropriation 
committee 
in 
any 
way. 
On 
5 
February 
2026, 
changes 
in 
Fingrid 
Oyj’s 
ownership 
structure 
were 
announced. 
As 
a 
result 
of 
the 
arrangements 
related 
to 
the 
changes 
in 
Fingrid’s 
ownership 
structure, 
the 
State’s 
ownership 
share 
will 
increase 
to 
59.5 
per 
cent, 
and 
OP 
Pohjola 
Kantaverkko 
Holding 
Ky’s 
share 
will 
be 
14.2 
per 
cent. 
Ilmarinen 
Mutual 
Pension 
Insurance 
Company 
is 
selling 
its 
holding 
of 
approximately 
20 
per 
cent 
of 
the 
shares 
in 
the 
company.
Group’s 
contact 
information 
and 
approval 
of 
the 
financial 
statements 
Fingrid Oyj
 
is 
a 
Finnish 
public 
limited 
liability 
company 
incorporated 
under 
the 
Finnish 
Companies 
Act. 
Fingrid’s 
consolidated 
financial 
statements 
have 
been 
drawn 
up 
in 
accordance 
with 
the 
International 
Financial 
Reporting 
Standards 
(IFRS) 
as 
adopted 
by 
the 
EU. 
Fingrid’s 
registered 
office 
is 
in 
Helsinki
 
at 
the 
address 
P.O. Box 530 
(Läkkisepäntie 21, 00620, Helsinki), 00101 Helsinki
. 
A 
copy 
of 
the 
consolidated 
financial 
statements 
is 
available 
on 
the 
website 
fingrid.fi 
or 
at 
Fingrid 
Oyj's 
head 
office. 
Fingrid 
Oyj’s 
Board 
of 
Directors 
has 
accepted 
the 
publication 
of 
these 
financial 
statements 
in 
its 
meeting 
on 
3 
March 
2026. 
In 
accordance 
with 
the 
Finnish 
Companies 
Act, 
the 
shareholders 
have 
the 
opportunity 
to 
adopt 
or 
reject 
the 
financial 
statements 
in 
the 
shareholders’ 
meeting 
held 
after 
their 
publication. 
The 
shareholders’ 
meeting 
can 
also 
amend 
the 
financial 
statements.

 
140 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
5 
PARENT 
COMPANY 
FINANCIAL 
STATEMENTS 
(FAS) 
5.1 
Parent 
company 
income 
statement 
Jan-Dec/2025 
Jan-Dec/2024 
Notes 
 
€ 
 
€ 
TURNOVER 
2 
1,129,927,667.68 
1,272,562,142.47 
Other 
operating 
income 
3 
152,034,128.54 
133,344,931.64 
Materials 
and 
services 
4 
-775,022,114.96 
-932,197,329.26 
Personnel 
costs 
5 
-50,198,345.74 
-45,329,919.26 
Depreciation 
and 
amortisation 
6 
-130,062,184.68 
-121,795,571.21 
Other 
operating 
expenses 
7, 
8 
-53,379,452.06 
-49,120,731.61 
OPERATING 
RESULT 
273,299,698.78 
257,463,522.77 
Finance 
income 
and 
costs 
9 
-27,594,631.93 
-26,980,003.07 
RESULT 
BEFORE 
APPROPRIATIONS 
AND 
TAXES 
245,705,066.85 
230,483,519.70 
Appropriations 
Change 
in 
depreciation 
difference 
- 
-61,700,000.00 
Income 
taxes 
10 
-48,937,590.92 
-33,803,742.44 
RESULT 
FOR 
THE 
FINANCIAL 
YEAR 
196,767,475.93 
134,979,777.26

 
141 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
5.2 
Parent 
company 
balance 
sheet 
 
ASSETS 
31 
Dec 
2025 
31 
Dec 
2024 
Notes 
€ 
€ 
Intangible 
assets: 
Other 
intangible 
assets 
12 
62,380,185.70 
66,732,841.49 
62,380,185.70 
66,732,841.49 
Tangible 
assets 
13 
Land 
and 
water 
areas 
26,852,799.61 
26,070,360.86 
Buildings 
and 
structures 
466,304,273.60 
383,819,671.58 
Machinery 
and 
equipment 
788,641,259.26 
666,250,923.86 
Transmission 
lines 
706,001,474.08 
689,598,552.46 
Other 
property, 
plant 
and 
equipment 
110,452.46 
110,452.46 
Prepayments 
and 
purchases 
in 
progress 
447,008,711.28 
514,356,206.94 
2,434,918,970.29 
2,280,206,168.16 
Interests 
in 
Group 
companies 
16,895,995.35 
16,895,995.35 
Interests 
in 
associated 
companies 
12,736,342.75 
12,736,342.75 
Other 
investments 
- 
81,127,008.10 
29,632,338.10 
110,759,346.20 
 
TOTAL 
NON-CURRENT 
ASSETS 
2,526,931,494.09 
2,457,698,355.85 
Inventories 
15 
22,548,121.27 
20,528,613.60 
Loan 
receivables 
from 
Group 
companies 
16 
20,940,211.03 
29,928,253.23 
Deferred 
tax 
assets 
10 
42,798,540.01 
20,270,723.90 
Other 
receivables 
16 
321,960.73 
227,769.95 
64,060,711.77 
50,426,747.08 
Trade 
receivables 
113,183,576.06 
88,475,335.52 
Receivables 
from 
Group 
companies 
17 
5,860,552.63 
5,823,690.40 
Receivables 
from 
associated 
companies 
18 
3,755.59 
21,195,053.12 
Other 
receivables 
19 
7,858,905.61 
5,757,050.33 
Prepayments 
and 
accrued 
income 
20, 
21 
39,025,932.63 
23,597,084.24 
165,932,722.52 
144,848,213.61 
Financial 
securities 
22 
63,968,472.60 
135,420,188.11 
Cash 
in 
hand 
and 
bank 
receivables 
22 
539,110,587.97 
611,288,468.84 
TOTAL 
CURRENT 
ASSETS 
855,620,616.13 
962,512,231.24 
TOTAL 
ASSETS 
3,382,552,110.22 
3,420,210,587.09

 
142 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
SHAREHOLDERS' 
EQUITY 
AND 
LIABILITIES 
31 
Dec 
2025 
31 
Dec 
2024 
Notes 
€ 
€ 
EQUITY 
23 
Share 
capital 
55,922,485.55 
55,922,485.55 
Share 
premium 
account 
55,922,485.55 
55,922,485.55 
Profit 
from 
previous 
financial 
years 
36,937,714.81 
37,239,637.55 
Profit 
for 
the 
financial 
year 
196,767,475.93 
134,979,777.26 
TOTAL 
SHAREHOLDERS' 
EQUITY 
345,550,161.84 
284,064,385.91 
ACCUMULATED 
APPROPRIATIONS 
24 
369,096,757.27 
369,096,757.27 
PROVISIONS 
FOR 
LIABILITIES 
AND 
CHARGES 
31 
2,957,000.00 
2,854,000.00 
LIABILITIES 
Non-current 
liabilities 
Bonds 
25, 
26 
1,288,478,260.51 
1,288,478,261.01 
Loans 
from 
financial 
institutions 
181,537,634.28 
212,160,675.81 
Accruals 
30 
446,998,492.54 
429,918,600.06 
1,917,014,387.33 
1,930,557,536.88 
 
CURRENT 
LIABILITIES 
Bonds 
25 
- 
82,511,729.70 
Loans 
from 
financial 
institutions 
30,623,041.57 
46,380,617.27 
Trade 
payables 
29,084,103.60 
36,468,503.67 
Liabilities 
to 
Group 
companies 
27 
3,241,331.56 
5,248,556.39 
Liabilities 
to 
associated 
companies 
28 
2,051,564.26 
- 
Other 
liabilities 
29 
276,235,038.20 
200,949,937.32 
Accruals 
30 
406,698,724.59 
462,078,562.68 
747,933,803.78 
833,637,907.03 
TOTAL 
LIABILITIES 
2,664,948,191.11 
2,764,195,443.91 
TOTAL 
SHAREHOLDERS' 
EQUITY 
AND 
LIABILITIES 
3,382,552,110.22 
3,420,210,587.09

 
 
 
 
 
 
143 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
5.3 
Parent 
company 
cash 
flow 
statement 
1 
Jan 
- 
31 
Dec, 
2025 
1 
Jan 
- 
31 
Dec, 
2024 
€ 
€ 
Cash 
flow 
from 
operating 
activities: 
Result 
before 
taxes 
245,705,066.85 
230,483,519.70 
Adjustments: 
Depreciation 
and 
amortisation 
130,062,184.68 
121,795,571.21 
Capital 
gains/losses 
(+/-) 
on 
tangible 
and 
intangible 
assets 
-622,291.67 
-385,510.58 
 
Interest 
and 
other 
finance 
costs 
27,594,631.93 
26,980,003.07 
Recognition 
of 
congestion 
income 
-223,226,597.16 
-431,068,668.47 
Changes 
in 
working 
capital: 
 
Change 
in 
trade 
receivables 
and 
other 
receivables 
1,345,141.56 
-63,307,516.96 
 
Change 
in 
inventories 
-2,019,507.67 
-1,424,203.22 
 
Change 
in 
trade 
payables 
and 
other 
liabilities 
-5,025,300.63 
11,307,299.27 
Congestion 
income 
349,316,477.34 
327,521,940.44 
Change 
in 
provisions 
-169,890.00 
-88,620.00 
Interest 
paid 
-75,815,293.25 
-51,277,986.71 
Interest 
received 
43,596,582.49 
31,917,126.00 
Taxes 
paid 
-63,813,267.50 
-36,231,861.37 
Net 
cash 
flow 
from 
operating 
activities 
426,927,936.97 
166,221,092.38 
Cash 
flow 
from 
investing 
activities: 
Purchase 
of 
property, 
plant 
and 
equipment 
-464,209,099.99 
-529,940,363.76 
Purchase 
of 
intangible 
assets 
-8,095,314.14 
-5,622,263.11 
Purchase 
of 
other 
assets 
-45,476,603.88 
-52,760,105.86 
Proceeds 
from 
sale 
of 
other 
assets 
149,908,938.79 
49,260,236.07 
Proceeds 
from 
sale 
of 
property, 
plant 
and 
equipment 
1,813,777.42 
500,000.00 
Proceeds 
from 
sale 
of 
intangible 
assets 
254,921.77 
- 
Contributions 
received 
- 
25,935,166.98 
Repayment 
of 
loan 
receivables 
8,988,042.20 
5,488,042.20 
Dividends 
received 
100,000.00 
- 
Net 
cash 
flow 
from 
investing 
activities 
-356,715,337.83 
-507,139,287.48 
Cash 
flow 
from 
financing 
activities: 
Proceeds 
from 
current 
financing 
(liabilities) 
268,814,570.44 
459,243,447.42 
Payments 
of 
current 
financing 
(liabilities) 
-193,006,019.53 
-266,237,427.89 
Proceeds 
from 
non-current 
financing 
(liabilities) 
- 
992,055,000.00 
Payments 
of 
non-current 
financing 
(liabilities) 
-129,051,676.53 
-340,354,810.79 
Change 
in 
group 
account 
receivables 
and 
liabilities 
-2,012,043.09 
873,783.40 
Dividends 
paid 
-135,281,700.00 
-137,110,400.00 
Net 
cash 
flow 
from 
financing 
activities 
-190,536,868.71 
708,469,592.14 
Change 
in 
cash 
and 
cash 
equivalents 
and 
financial 
assets 
-120,324,269.57 
367,551,397.04 
Cash 
and 
cash 
equivalents 
and 
financial 
assets 
1 
Jan 
723,403,330.14 
355,851,933.10 
Cash 
and 
cash 
equivalents 
and 
financial 
assets 
31 
Dec 
603,079,060.57 
723,403,330.14 

 
 
144 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
5.4 
Notes 
to 
the 
financial 
statements 
of 
parent 
company 
1. 
ACCOUNTING 
PRINCIPLES 
 
 
Fingrid 
Oyj's 
financial 
statements 
have 
been 
drawn 
up 
in 
accordance 
with 
the 
Finnish 
Accounting 
Standards 
(FAS). 
The 
items 
in 
the 
financial 
statements 
are 
valued 
at 
original 
acquisition 
cost. 
Foreign 
currency 
transactions 
Transactions 
denominated 
in 
foreign 
currencies 
are 
recognised 
at 
the 
foreign 
exchange 
mid-rate 
quoted 
by 
the 
European 
Central 
Bank 
(ECB) 
at 
the 
transaction 
date. 
Interest-bearing 
liabilities 
and 
receivables 
and 
the 
derivatives 
hedging 
these 
items 
are 
valued 
at 
the 
mid-rate 
quoted 
by 
the 
ECB 
at 
the 
closing 
date. 
Foreign 
exchange 
gains 
and 
losses 
on 
interest 
-bearing 
liabilities 
and 
receivables, 
and 
on 
the 
instruments 
hedging 
these 
items, 
are 
recognised 
at 
maturity 
under 
finance 
income 
and 
costs. 
Foreign 
exchange 
rate 
differences 
arising 
from 
the 
derivatives 
used 
to 
hedge 
commercial 
currency 
flows 
are 
recognised 
to 
adjust 
the 
corresponding 
item 
in 
the 
income 
statement. 
Interest 
and 
currency 
derivatives 
Interest 
rate 
and 
currency 
swaps, 
currency 
derivatives 
and 
interest 
rate 
options 
are 
used, 
in 
accordance 
with 
the 
Treasury 
Policy, 
to 
hedge 
the 
interest 
rate 
and 
foreign 
exchange 
risk, 
as 
well 
as 
the 
commercial 
items, 
in 
Fingrid’s 
balance 
sheet 
items. 
The 
accounting 
principles 
for 
derivative 
contracts 
are 
the 
same 
as 
for 
the 
underlying 
items. 
The 
interest 
rate 
items 
of 
interest 
rate 
and 
cross 
-currency 
swaps 
and 
interest 
rate 
options 
are 
accrued 
and 
recognised 
in 
the 
income 
statement 
under 
interest 
income 
and 
costs. 
The 
interest 
portion 
of 
currency 
derivative 
contracts 
hedging 
the 
interest-bearing 
liabilities 
and 
receivables 
is 
accrued 
over 
the 
maturity 
of 
the 
contracts 
and 
recognised 
under 
finance 
income 
and 
costs. 
Premiums 
paid 
or 
received 
on 
interest 
rate 
options 
are 
accrued 
over 
the 
hedging 
period. 
Electricity 
derivatives 
Fingrid 
hedges 
its 
loss 
power 
purchases 
against 
price 
risk 
with 
listed 
futures 
and 
forward 
contracts, 
and 
on 
the 
OTC 
market, 
with 
contracts 
comparable 
to 
financial 
products 
. 
The 
profits 
and 
losses 
arising 
from 
these 
contracts 
are 
used 
to 
adjust 
the 
loss 
energy 
purchases 
in 
the 
income 
statement 
in 
the 
period 
in 
which 
the 
hedging 
impacts 
profit 
or 
loss. 
Metal 
derivatives 
The 
company 
concludes 
metal 
derivative 
agreements 
to 
hedge 
against 
the 
metal 
price 
risk 
arising 
from 
purchases. 
Research 
and 
development 
expenses 
Research 
and 
development 
expenses 
are 
treated 
as 
annual 
expenses. 
Valuation 
of 
fixed 
assets 
Fixed 
assets 
are 
capitalised 
under 
immediate 
acquisition 
cost. 
Planned 
straight 
-line 
depreciation 
and 
amortisation 
on 
the 
acquisition 
price 
is 
calculated 
on 
the 
basis 
of 
the 
useful 
life 
of 
the 
fixed 
asset. 
Depreciation 
and 
amortisation 
on 
fixed 
assets 
taken 
into 
use 
during 
the 
financial 
year 
is 
calculated 
on 
an 
item-by-item 
basis 
from 
the 
month 
of 
introduction. 
The 
depreciation 
and 
amortisation 
periods 
are 
as 
follows: 
Goodwill 
20 
years 
Other 
non-current 
expenses: 
 
Rights 
of 
use 
to 
line 
areas 
30–40 
years 
 
Other 
rights 
of 
use 
according 
to 
useful 
life, 
maximum 
10 
years 
 
Computer 
software 
3–10 
years 
Buildings 
and 
structures 
 
Substation 
buildings 
and 
separate 
buildings 
40 
years 
 
Substation 
structures 
30 
years 
 
Buildings 
and 
structures 
at 
gas 
turbine 
power 
plants 
20–40 
years 
 
Separate 
structures 
15 
years 
Transmission 
lines 
 
Transmission 
lines 
400 
kV 
40 
years 
 
Direct 
current 
lines 
40 
years 
 
Transmission 
lines 
110 
–220 
kV 
30 
years 
 
Creosote-impregnated 
towers 
and 
related 
disposal 
costs* 
30 
years 
 
Aluminium 
towers 
of 
transmission 
lines 
(400 
kV) 
10 
years 
 
Optical 
ground 
wires 
10–20 
years 
Machinery 
and 
equipment 

 
 
145 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
 
Substation 
machinery 
10–30 
years 
 
Gas 
turbine 
power 
plants 
20 
years 
 
Other 
machinery 
and 
equipment 
3–5 
years 
*Disposal 
costs 
are 
discounted 
at 
present 
value 
and 
added 
to 
the 
value 
of 
the 
fixed 
asset 
and 
recognised 
under 
provisions 
for 
liabilities 
and 
charges. 
Goodwill 
is 
amortised 
over 
a 
20-year 
period, 
since 
grid 
operations 
are 
a 
long-term 
business 
in 
which 
income 
is 
accrued 
over 
several 
decades. 
Emission 
rights 
Emission 
rights 
are 
treated 
in 
accordance 
with 
the 
net 
procedure 
in 
conformance 
with 
statement 
1767/2005 
of 
the 
Finnish 
Accounting 
Board.
Valuation 
of 
inventories
Inventories 
are 
recognised 
according 
to 
the 
FIFO 
principle 
at 
acquisition 
cost, 
or 
at 
the 
lower 
of 
replacement 
cost 
or 
probable 
market 
price. 
Cash 
in 
hand, 
bank 
receivables 
and 
financial 
securities 
Cash 
in 
hand 
and 
bank 
receivables 
include 
cash 
assets 
and 
bank 
balances. 
Financial 
securities 
are 
investments 
in 
short-term 
fixed 
income 
funds 
or 
time 
deposits 
in 
banks. 
Purchase 
of 
other 
assets 
consists 
of 
investments 
in 
debt 
instruments. 
Quoted 
securities 
and 
comparable 
assets 
are 
valued 
at 
the 
lower 
of 
original 
acquisition 
cost 
or 
probable 
market 
price. 
Interest-bearing 
liabilities 
Fingrid’s 
non-current 
interest 
-bearing 
liabilities 
consist 
of 
loans 
from 
financial 
institutions 
and 
bonds 
issued 
under 
the 
Euro 
Medium 
Term 
Note 
(EMTN) 
programme. 
The 
current 
interest-bearing 
liabilities 
consist 
of 
commercial 
papers 
issued 
under 
the 
domestic 
and 
international 
programmes 
and 
of 
the 
current 
portion 
of 
noncurrent 
borrowings 
and 
bonds 
maturing 
within 
a 
year. 
The 
outstanding 
notes 
under 
the 
programmes 
are 
denominated 
in 
euros 
and 
foreign 
currencies. 
Fingrid 
has 
both 
fixed 
and 
floating 
rate 
debt. 
The 
interest 
is 
accrued 
over 
the 
maturity 
of 
the 
debt. 
The 
differential 
of 
a 
bond 
issued 
over 
or 
under 
par 
value 
is 
accrued 
over 
the 
life 
of 
the 
bond. 
The 
arrangement 
fees 
of 
the 
revolving 
credit 
facilities 
are, 
as 
a 
rule, 
immediately 
recognised 
as 
an 
expense, 
and 
the 
commitment 
fees 
are 
recognised 
as 
an 
expense 
over 
the 
maturity 
of 
the 
facility. 
Financial 
risk 
management 
The 
principles 
applied 
to 
the 
management 
of 
financial 
risks 
are 
presented 
in 
4.3.2 
and 
4.3.3 
of 
the 
Notes 
to 
the 
Consolidated 
Financial 
Statements. 
Income 
taxes 
Taxes 
include 
the 
accrued 
tax 
corresponding 
to 
the 
profit 
for 
the 
financial 
year 
as 
well 
as 
tax 
adjustments 
for 
previous 
financial 
years. 
Deferred 
taxes 
The 
company 
enters 
deferred 
tax 
assets 
for 
the 
congestion 
income 
it 
uses 
for 
investments, 
and 
they 
become 
taxable 
income 
and 
tax 
in 
the 
year 
in 
which 
they 
were 
used. 
The 
tax 
assets 
entered 
for 
congestion 
income 
are 
recognised 
in 
accordance 
with 
the 
depreciation 
used 
in 
taxation 
for 
investments 
covered 
by 
congestion 
income. 
Congestion 
income 
allocated 
to 
investments 
is 
entered 
as 
a 
reduction 
in 
acquisition 
cost. 
For 
the 
rest, 
deferred 
tax 
assets 
and 
liabilities 
are 
not 
recorded 
in 
the 
income 
statement 
or 
balance 
sheet 
but 
are 
instead 
presented 
in 
the 
notes. 
Related 
parties 
Fingrid 
applies 
the 
definition 
of 
a 
related 
party 
of 
a 
listed 
company 
as 
set 
forth 
in 
Chapter 
1, 
Section 
12, 
of 
the 
Limited 
Liability 
Companies 
Act. 
2. 
TURNOVER, 
€1,000 
2025 
2024 
Grid 
service 
income 
488,807 
299,280 
Imbalance 
power 
sales 
495,755 
636,841 
ITC 
income 
14,014 
10,836 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
146 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Congestion 
income 
81,900 
301,000 
Other 
operating 
income 
49,452 
24,605 
Total 
1,129,928 
1,272,562 
3. 
OTHER 
OPERATING 
INCOME, 
€1,000 
2025 
2024 
Rental 
income 
638 
492 
Capital 
gains 
of 
fixed 
assets 
1,864 
481 
Contributions 
received 
15 
3 
Congestion 
income 
141,327 
130,069 
Other 
income 
8,191 
2,300 
Total 
152,034 
133,345 
4. 
MATERIALS 
AND 
SERVICES, 
€1,000 
2025 
2024 
Purchase 
of 
imbalance 
power 
282,099 
457,392 
Cost 
of 
reserves 
189,168 
217,645 
Loss 
energy 
purchases 
83,670 
81,074 
Other 
purchases 
during 
the 
financial 
year 
123,619 
87,651 
Change 
in 
inventories, 
increase 
(-) 
or 
decrease 
(+) 
-2,020 
-1,424 
Materials 
and 
consumables 
676,535 
842,338 
Services 
98,487 
89,859 
Total 
775,022 
932,197 
5. 
PERSONNEL 
EXPENSES, 
€1,000 
2025 
2024 
Salaries 
and 
bonuses 
42,052 
38,145 
Pension 
expenses 
6,907 
6,252 
Other 
personnel 
expenses 
1,239 
933 
Total 
50,198 
45,330 
Number 
of 
employees 
in 
the 
company 
during 
the 
financial 
year: 
2025 
2024 
Personnel, 
average 
593 
558 
Personnel, 
31 
Dec 
605 
567 
6. 
DEPRECIATION 
AND 
AMORTISATION 
ACCORDING 
TO 
PLAN, 
€1,000 
2025 
2024 
Other 
non-current 
expenses 
10,199 
9,735 
Buildings 
and 
structures 
18,721 
16,826 
Machinery 
and 
equipment 
60,583 
56,106 
Transmission 
lines 
40,559 
39,129 
Total 
130,062 
121,796 
7. 
OTHER 
OPERATING 
EXPENSES, 
€1,000 
2025 
2024 
Contracts, 
assignments 
etc. 
undertaken 
externally 
31,465 
30,727 
Other 
rental 
expenses 
5,306 
4,798 
Other 
costs 
16,609 
13,596 
Total 
53,379 
49,121 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
147 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
8. 
AUDITORS’ 
FEES, 
€1,000 
2025 
2024 
KPMG 
Oy 
Auditing 
fee 
78 
101 
Other 
fees 
158 
176 
Total 
235 
277 
9. 
FINANCE 
INCOME 
AND 
COSTS, 
€1,000 
2025 
2024 
Dividend 
income 
from 
Group 
companies 
100 
- 
Interest 
income 
from 
Group 
companies 
1,490 
1,727 
Interest 
and 
other 
finance 
income 
from 
others 
41,616 
27,157 
43,206 
28,884 
Interest 
and 
other 
finance 
costs 
to 
others 
-70,614 
-55,587 
Interest 
and 
other 
finance 
costs 
to 
Group 
companies 
-187 
-277 
-70,801 
-55,864 
Total 
-27,595 
-26,980 
10. 
INCOME 
TAXES, 
€1,000 
2025 
2024 
Income 
taxes 
for 
the 
financial 
year 
71,684 
34,404 
Income 
taxes 
for 
the 
previous 
financial 
years 
-218 
-44 
Changes 
in 
deferred 
taxes 
-22,528 
-556 
Total 
48,938 
33,804 
Deferred 
tax 
assets 
in 
balance 
sheet, 
€1,000 
On 
temporary 
differences 
from 
congestion 
income 
42,799 
20,271 
Total 
42,799 
20,271 
Deferred 
tax 
assets 
and 
liabilities 
of 
balance 
sheet, 
€1,000 
Deferred 
tax 
assets 
On 
temporary 
differences 
591 
571 
591 
571 
Deferred 
tax 
liabilities 
On 
temporary 
differences 
452 
431 
On 
appropriations 
73,819 
73,819 
74,272 
74,251 
Total 
73,680 
73,680 
11. 
GOODWILL, 
€1,000 
2025 
2024 
Cost 
at 
1 
Jan 
128,664 
128,664 
Cost 
at 
31 
Dec 
128,664 
128,664 
Accumulated 
amortisation 
according 
to 
plan 
1 
Jan 
-128,664 
-128,664 
Carrying 
amount 
31 
Dec 
0 
0 
 
12. 
INTANGIBLE 
ASSETS, 
€1,000 
2025 
2024 
Cost 
at 
1 
Jan 
202,387 
195,777 
Increases 
1 
Jan–31 
Dec 
6,159 
7,016 

 
 
 
 
 
148 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Decreases 
1 
Jan–31 
Dec 
-5,692 
-406 
Cost 
at 
31 
Dec 
202,854 
202,387 
Accumulated 
amortisation 
according 
to 
plan 
1 
Jan 
-135,654 
-125,919 
Decreases, 
amortisation 
according 
to 
plan 
1 
Jan–31 
Dec 
5,379 
- 
Amortisation 
according 
to 
plan 
1 
Jan–31 
Dec 
-10,199 
-9,735 
Carrying 
amount 
31 
Dec 
62,380 
66,733 
Accumulated 
amortisation 
difference 
1 
Jan 
-39,683 
-42,061 
Changes 
in 
amortisation 
difference 
reserve 
1 
Jan–31 
Dec 
2,741 
2,378 
Accumulated 
amortisation 
in 
excess 
of 
plan 
31 
Dec 
-36,942 
-39,683 

 
 
 
 
 
 
149 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
13. 
TANGIBLE 
ASSETS, 
€1,000 
2025 
Land 
and 
water 
areas 
Buildings 
and 
structures 
Machinery 
and 
equipment 
Transmission 
lines 
Other 
property, 
plant 
and 
equipment 
Prepayments 
and 
purchases 
in 
progress 
Total 
Cost 
at 
1 
Jan 
26,070 
536,731 
1,553,495 
1,453,618 
110 
514,356 
4,084,381 
Increases 
1 
Jan–31 
Dec 
782 
101,344 
184,075 
57,145 
- 
281,885 
625,232 
Decreases 
1 
Jan–31 
Dec 
- 
-2,375 
-23,960 
-2,022 
- 
- 
-28,356 
Transfers 
to 
other 
tangible 
and 
intangible 
assets 
1 
Jan–31 
Dec 
- 
- 
- 
- 
- 
-349,233 
-349,233 
Cost 
at 
31 
Dec 
26,853 
635,701 
1,713,611 
1,508,740 
110 
447,009 
4,332,024 
Accumulated 
depreciation 
according 
to 
plan 
1 
Jan 
- 
-152,912 
-887,244 
-764,019 
- 
- 
-1,804,175 
Decreases, 
depreciation 
according 
to 
plan 
1 
Jan–31 
Dec 
- 
2,236 
22,858 
1,839 
- 
- 
26,933 
Depreciation 
according 
to 
plan 
1 
Jan–31 
Dec 
- 
-18,721 
-60,583 
-40,559 
- 
- 
-119,863 
Carrying 
amount 
31 
Dec 
26,853 
466,304 
788,641 
706,001 
110 
447,009 
2,434,919 
Accumulated 
depreciation 
difference 
1 
Jan 
- 
-16,694 
-45,129 
-267,591 
- 
- 
-329,414 
Changes 
in 
depreciation 
difference 
reserve 
1 
Jan–31 
Dec 
- 
-2,266 
-1,877 
1,402 
- 
- 
-2,741 
Accumulated 
depreciation 
in 
excess 
of 
plan 
31 
Dec 
- 
-18,961 
-47,006 
-266,189 
- 
- 
-332,155 
2024 
Land 
and 
water 
areas 
Buildings 
and 
structures 
Machinery 
and 
equipment 
Transmission 
lines 
Other 
property, 
plant 
and 
equipment 
Prepayments 
and 
purchases 
in 
progress 
Total 
Cost 
at 
1 
Jan 
24,143 
491,334 
1,453,306 
1,407,750 
110 
266,338 
3,642,981 
Increases 
1 
Jan–31 
Dec 
1,927 
45,398 
100,189 
46,120 
- 
448,595 
642,229 
Decreases 
1 
Jan–31 
Dec 
- 
- 
- 
-252 
- 
- 
-252 
Transfers 
to 
other 
tangible 
and 
intangible 
assets 
1 
Jan–31 
Dec 
- 
- 
- 
- 
- 
-200,577 
-200,577 
Cost 
at 
31 
Dec 
26,070 
536,731 
1,553,495 
1,453,618 
110 
514,356 
4,084,381 
Accumulated 
depreciation 
according 
to 
plan 
1 
Jan 
- 
-136,086 
-831,139 
-725,028 
- 
- 
-1,692,252 
Decreases, 
depreciation 
according 
to 
plan 
1 
Jan–31 
Dec 
- 
- 
- 
137 
- 
- 
137 
Depreciation 
according 
to 
plan 
1 
Jan–31 
Dec 
- 
-16,826 
-56,106 
-39,129 
- 
- 
-112,060 
Carrying 
amount 
31 
Dec 
26,070 
383,820 
666,251 
689,599 
110 
514,356 
2,280,206 
Accumulated 
depreciation 
difference 
1 
Jan 
- 
-16,100 
-6,858 
-242,378 
- 
- 
-265,336 
Changes 
in 
depreciation 
difference 
reserve 
1 
Jan–31 
Dec 
- 
-594 
-38,271 
-25,213 
- 
- 
-64,078 
Accumulated 
depreciation 
in 
excess 
of 
plan 
31 
Dec 
- 
-16,694 
-45,129 
-267,591 
- 
- 
-329,414 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
150 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
14. 
INVESTMENTS, 
€1,000 
2025 
2024 
Interests 
in 
Group 
companies 
Cost 
at 
1 
Jan 
16,896 
16,896 
Cost 
at 
31 
Dec 
16,896 
16,896 
Interests 
in 
associated 
companies 
Cost 
at 
1 
Jan 
12,736 
12,736 
Cost 
at 
31 
Dec 
12,736 
12,736 
Other 
investments 
Cost 
at 
1 
Jan 
81,127 
75,245 
Increases 
1 
Jan–31 
Dec 
36,414 
46,949 
Decreases 
and 
transfers 
to 
short-term 
financial 
securities 
1 
Jan–31 
Dec 
-117,541 
-41,066 
Cost 
at 
31 
Dec 
81,127 
Investments 
total, 
carrying 
amount 
31.12. 
29,632 
110,759 
15. 
INVENTORIES, 
€1,000 
2025 
2024 
Materials 
and 
consumables 
at 
31 
Dec 
22,548 
20,529 
Total 
22,548 
20,529 
16. 
OTHER 
NON-CURRENT 
RECEIVABLES, 
€1,000 
2025 
2024 
Loan 
receivables 
from 
Group 
companies 
20,940 
29,928 
Deferred 
tax 
assets 
42,799 
20,271 
Other 
non-current 
receivables 
322 
228 
Total 
64,061 
50,427 
17. 
RECEIVABLES 
FROM 
GROUP 
COMPANIES, 
€1,000 
2025 
2024 
Current: 
Trade 
receivables 
342 
297 
Loan 
receivables 
5,488 
5,488 
Prepayments 
and 
accured 
income 
31 
39 
Total 
5,861 
5,824 
18. 
RECEIVABLES 
FROM 
ASSOCIATED 
COMPANIES, 
€1,000 
2025 
2024 
Current: 
Trade 
receivables 
4 
19,801 
Prepayments 
and 
accured 
income 
- 
1,395 
Total 
4 
21,195 
19. 
OTHER 
RECEIVABLES, 
€1,000 
2025 
2024 
Interest 
and 
other 
financial 
items 
3 
3 
Other 
receivables 
7,856 
5,754 
Total 
7,859 
5,757 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
151 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
20. 
ACCRUED 
INCOME, 
€1,000 
2025 
2024 
Interest 
and 
other 
financial 
items 
14,215 
11,083 
Accruals 
of 
sales 
and 
purchases 
5,749 
11,805 
Granted 
but 
unpaid 
subsidies 
19,062 
- 
Tax 
assets 
- 
709 
Total 
39,026 
23,597 
21. 
UNRECORDED 
EXPENSES 
AND 
PAR 
VALUE 
DIFFERENTIALS 
ON 
THE 
ISSUE 
OF 
LOANS 
INCLUDED 
IN 
ACCRUED 
INCOME, 
€1,000 
2025 
2024 
Par 
value 
differentials 
4,562 
6,883 
22. 
FINANCIAL 
SECURITIES, 
CASH 
IN 
HAND 
AND 
BANK 
RECEIVABLES, 
€1,000 
2025 
2024 
Short-term 
fixed 
income 
funds 
63,968 
92,115 
Cash 
in 
hand 
and 
bank 
receivables 
539,111 
611,288 
Bank 
deposits, 
over 
3 
months 
- 
20,000 
Other 
short-term 
interest 
rate 
instruments 
- 
23,305 
Total 
603,079 
746,709 
23. 
SHAREHOLDERS' 
EQUITY, 
€ 
2025 
2024 
Share 
capital 
1 
Jan 
55,922,485.55 
55,922,485.55 
Share 
capital 
31 
Dec 
55,922,485.55 
55,922,485.55 
Share 
premium 
account 
1 
Jan 
55,922,485.55 
55,922,485.55 
Share 
premium 
account 
31 
Dec 
55,922,485.55 
55,922,485.55 
Profit 
from 
previous 
financial 
years 
1 
Jan 
172,219,414.81 
174,350,037.55 
Dividend 
distribution 
-135,281,700.00 
-137,110,400.00 
Profit 
from 
previous 
financial 
years 
31 
Dec 
36,937,714.81 
37,239,637.55 
Profit 
for 
the 
financial 
year 
196,767,475.93 
134,979,777.26 
Shareholders’ 
equity 
31 
Dec 
345,550,161.84 
284,064,385.91 
Distributable 
shareholders’ 
equity 
233,705,190.74 
172,219,414.81 
Number 
of 
shares 
Series 
A 
shares 
Series 
B 
shares 
Total 
1 
Jan 
2025 
2,078 
1,247 
3,325 
31 
Dec 
2025 
2,078 
1,247 
3,325 
Series 
A 
shares 
confer 
three 
votes 
each 
at 
the 
Annual 
General 
Meeting 
and 
Series 
B 
shares 
one 
vote 
each. 
When 
electing 
members 
of 
the 
Board 
of 
Directors, 
Series 
A 
shares 
confer 
10 
votes 
each 
at 
the 
Annual 
General 
Meeting 
and 
Series 
B 
shares 
one 
vote 
each. 
Series 
B 
shares 
have 
the 
right 
before 
Series 
A 
shares 
to 
obtain 
the 
annual 
dividend 
specified 
below 
from 
the 
funds 
available 
for 
profit 
distribution. 
If 
the 
annual 
dividend 
cannot 
be 
distributed 
in 
some 
year, 
the 
shares 
confer 
a 
right 
to 
receive 
the 
undistributed 
amount 
from 
the 
funds 
available 
for 
profit 
distribution 
in 
the 
subsequent 
years; 
however, 
such 
that 
Series 
B 
shares 
have 
the 
right 
over 
Series 
A 
shares 
to 
receive 
the 
annual 
dividend 
and 
the 
undistributed 
amount. 
Fingrid 
Oyj's 
Annual 
General 
Meeting 
decides 
on 
the 
annual 
dividend 
Eighty-two 
(82) 
per 
cent 
of 
the 
dividends 
to 
be 
distributed 
for 
each 
financial 
year 
is 
distributed 
for 
all 
Series 
A 
shares 
and 
eighteen 
(18) 
per 
cent 
for 
all 
Series 
B 
shares, 
however 
such 
that 
EUR 
twenty 
(20) 
million 
of 
the 
dividends 
to 
be 
distributed 
for 
each 
financial 
year 
is 
first 
distributed 
for 
all 
Series 
B 
shares. 
If 
the 
above-mentioned 
EUR 
twenty 
(20) 
million 
minimum 
amount 
for 
the 
financial 
period 
is 
not 
distributed 
(all 
or 
in 
part) 
for 
Series 
B 
shares 
in 
a 
financial 
period, 
Series 
B 
shares 
confer 
the 
right 
to 
receive 
the 
undistributed 
minimum 
amount 
in 
question 
(or 
the 
accumulated 
undistributed 
minimum 
amount 
accrued 
during 
such 
financial 
periods) 
in 
the 
next 
profit 
distribution, 
in 
any 
disbursements 
paid 
out, 
or 
in 
any 
other 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
152 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
distribution 
of 
assets 
prior 
to 
any 
other 
dividends, 
disbursements 
or 
asset 
distribution 
until 
the 
undistributed 
minimum 
amount 
has 
been 
distributed 
in 
full 
for 
Series 
B 
shares. 
There 
are 
no 
non-controlling 
interests. 
24. 
ACCUMULATED 
APPROPRIATIONS, 
€1,000 
2025 
2024 
Accumulated 
depreciation 
from 
the 
difference 
between 
depreciation 
according 
to 
plan 
and 
depreciation 
carried 
out 
in 
taxation 
369,097 
369,097 
Total 
369,097 
369,097 
25. 
BONDS, 
€1,000 
2025 
2024 
Currency 
Nominal 
value 
Maturity 
Interest 
Balance 
sheet 
value 
EUR 
70,000 
7 
May 
2025 
0.527% 
- 
70,000 
EUR 
100,000 
23 
Nov 
2027 
1.125% 
100,000 
100,000 
EUR 
25,000 
27 
Mar 
2028 
2.71% 
25,000 
25,000 
EUR 
10,000 
12 
Sep 
2028 
3.271% 
10,000 
10,000 
EUR 
500,000 
4 
Dec 
2029 
2.750% 
500,000 
500,000 
EUR 
80,000 
24 
Apr 
2029 
2.95% 
80,000 
80,000 
EUR 
30,000 
30 
May 
2029 
2.888% 
30,000 
30,000 
EUR 
500,000 
20 
Mar 
2034 
3.250% 
500,000 
500,000 
1,245,000 
1,315,000 
NOK 
100,000 
16 
Sep 
2025 
4.31% 
12,512 
NOK 
500,000 
8 
Apr 
2030 
2.72% 
43,478 
43,478 
43,478 
55,990 
Bonds, 
long-term 
total 
1,288,478 
1,288,478 
Bonds, 
short-term 
total 
- 
82,512 
Total 
1,288,478 
1,370,990 
26. 
LOANS 
FALLING 
DUE 
IN 
FIVE 
YEARS 
OR 
MORE, 
€1,000 
2025 
2024 
Bonds 
500,000 
543,478 
Loans 
from 
financial 
institutions 
91,665 
103,716 
Total 
591,665 
647,194 
27. 
LIABILITIES 
TO 
GROUP 
COMPANIES, 
€1,000 
2025 
2024 
Current: 
Other 
liabilities 
3,241 
5,249 
Total 
3,241 
5,249 
28. 
LIABILITIES 
TO 
ASSOCIATED 
COMPANIES, 
€1,000 
2025 
2024 
Current: 
Trade 
payables 
2,052 
- 
Total 
2,052 
0 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
153 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
29. 
OTHER 
LIABILITIES, 
€1,000 
2025 
2024 
Current: 
Other 
loans/Commercial 
papers 
268,815 
193,006 
Electricity 
tax 
1,161 
505 
Other 
liabilities 
1,354 
1,509 
Value 
added 
tax 
4,906 
5,930 
Total 
276,235 
200,950 
30. 
ACCRUALS, 
€1,000 
2025 
2024 
Non-current: 
Congestion 
income 
446,998 
429,919 
Total 
446,998 
429,919 
Current: 
Interest 
and 
other 
financial 
items 
22,904 
23,416 
Salaries 
and 
additional 
personnel 
expenses 
12,703 
11,134 
Accruals 
of 
sales 
and 
purchases 
13,626 
15,614 
Tax 
debts 
6,943 
- 
Congestion 
income 
350,523 
411,914 
Total 
406,699 
462,079 
Total 
853,697 
891,997 
*Information 
on 
the 
accrual 
and 
use 
of 
congestion 
income 
can 
be 
found 
in 
note 
36 
31. 
PROVISIONS 
FOR 
LIABILITIES 
AND 
CHARGES, 
€1,000 
2025 
2024 
Creosote-impregnated 
and 
CCA-impregnated 
wooden 
towers, 
disposal 
costs 
2,957 
2,854 
Total 
2,957 
2,854 
32. 
DERIVATIVE 
AGREEMENTS, 
€1,000 
2025 
2024 
Hierarchy 
level 
Interest 
rate 
and 
currency 
derivatives 
Fair 
value 
pos. 
Fair 
value 
neg. 
Net 
fair 
value 
Nominal 
value 
Fair 
value 
pos. 
Fair 
value 
neg. 
Net 
fair 
value 
Nominal 
value 
31.12.25 
31.12.25 
31.12.25 
31.12.25 
31.12.24 
31.12.24 
31.12.24 
31.12.24 
Cross-currency 
swaps 
-5,501 
-5,501 
43,478 
-10,611 
-10,611 
55,990 
Level 
2 
Currency 
derivatives 
502 
-100 
403 
20,985 
-255 
-255 
2,147 
Level 
2 
Interest 
rate 
swaps 
887 
-8,862 
-7,975 
710,000 
117 
-8,230 
-8,113 
480,000 
Level 
2 
Bought 
interest 
rate 
options 
738 
738 
500,000 
546 
546 
100,000 
Level 
2 
Total 
2,128 
-14,463 
-12,336 
1,274,463 
663 
-19,095 
-18,432 
638,137 
Electricity 
derivatives 
Fair 
value 
pos. 
Fair 
value 
neg. 
Net 
fair 
value 
Volume 
TWh 
Fair 
value 
pos. 
Fair 
value 
neg. 
Net 
fair 
value 
Volume 
TWh 
31.12.25 
31.12.25 
31.12.25 
31.12.25 
31.12.24 
31.12.24 
31.12.24 
31.12.24 
Electricity 
forward 
contracts 
6,458 
-9,501 
-3,044 
5.4 
14,908 
-19,418 
-4,510 
4.5 
Level 
2 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
154 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Total 
6,458 
-9,501 
-3,044 
5.4 
14,908 
-19,418 
-4,510 
4.5 
33. 
COMMITMENTS 
AND 
CONTINGENT 
LIABILITIES, 
€1,000 
2025 
2024 
Rental 
liabilities 
Liabilities 
for 
the 
next 
year 
5,495 
5,694 
Liabilities 
for 
subsequent 
years 
37,222 
63,553 
42,717 
69,247 
Right-of-use 
agreements 
Liabilities 
for 
the 
next 
year 
5,332 
5,332 
Liabilities 
for 
subsequent 
years 
9,495 
14,827 
14,827 
20,160 
Pledges 
given 
as 
collateral 
for 
regulatory 
charges 
300 
297 
Other 
financial 
commitments 
Rent 
security 
deposit, 
guarantee 
2,609 
609 
Credit 
facility 
commitment 
fee 
and 
commitment 
fee: 
Commitment 
fee 
for 
the 
next 
year 
629 
777 
Liabilities 
for 
subsequent 
years 
991 
1,487 
4,228 
2,873 
Unrecognised 
investment 
commitments 
604,147 
625,570 
The 
investment 
commitments 
consist 
of 
agreements 
signed 
by 
the 
company 
to 
carry 
out 
grid 
construction 
projects. 
34. 
LEGAL 
PROCEEDINGS 
AND 
PROCEEDINGS 
BY 
AUTHORITIES
On 
2 
January 
2024, 
Fingrid 
appealed 
to 
the 
Market 
Court 
against 
the 
Energy 
Authority’s 
decision 
of 
30 
November 
2023 
on 
the 
terms 
and 
conditions 
of 
balance 
service. 
The 
appeal 
mainly 
concerned 
the 
collateral 
model 
for 
balance 
responsible 
parties 
presented 
in 
the 
decision. 
In 
its 
decision 
issued 
on 
17 
October 
2025, 
the 
Market 
Court 
dismissed 
Fingrid’s 
appeal 
in 
its 
entirety 
and 
upheld 
the 
Energy 
Authority’s 
decision. 
The 
Energy 
Authority’s 
decision, 
which 
remains 
valid, 
included 
major 
changes 
to 
the 
previously 
applicable 
collateral 
terms 
and 
set 
apart 
Finland’s 
collateral 
model 
from 
that 
used 
in 
other 
Nordic 
countries. 
As 
a 
result 
of 
the 
decision, 
the 
collateral 
required 
from 
the 
balance 
responsible 
parties 
was 
significantly 
reduced. 
Fingrid 
did 
not 
appeal 
the 
Market 
Court’s 
decision. 
On 
29 
January 
2024, 
Fingrid 
appealed 
to 
the 
Market 
Court 
against 
the 
Energy 
Authority’s 
decision 
on 
the 
regulatory 
methods 
concerning 
the 
specification 
of 
the 
profit 
for 
the 
electricity 
transmission 
grid 
operations 
for 
the 
sixth 
(1 
Jan 
2024–31 
Dec 
2027) 
and 
seventh 
(1 
Jan 
2028–31 
Dec 
2031) 
regulatory 
periods. 
In 
its 
decision, 
the 
Market 
Court 
dismissed 
Fingrid’s 
appeal 
on 
21 
November 
2025. 
Fingrid 
filed 
an 
appeal 
with 
the 
Supreme 
Administrative 
Court 
on 
23 
December 
2025 
against 
the 
Market 
Court’s 
decision, 
as 
the 
current 
regulatory 
methods 
undermine 
the 
company’s 
ability 
to 
develop 
the 
main 
grid, 
implement 
the 
contingency 
measures 
required 
by 
the 
deteriorated 
security 
situation 
and 
ensure 
a 
reasonable 
return 
in 
accordance 
with 
the 
Electricity 
Market 
Act 
in 
a 
rapidly 
changing 
energy 
system. 
In 
Fingrid’s 
assessment, 
the 
regulatory 
methods 
decided 
by 
the 
Energy 
Authority 
represent 
a 
significant 
deterioration 
of 
the 
regulatory 
methods 
that 
ended 
at 
the 
end 
of 
2023. 
On 
12 
September 
2025, 
the 
Market 
Court 
issued 
its 
decision 
on 
the 
appeals 
filed 
by 
Fingrid 
and 
Teollisuuden 
Voima 
Oyj 
against 
the 
Energy 
Authority’s 
decision 
of 
11 
January 
2024 
concerning 
the 
scope 
of 
the 
national 
transmission 
system 
operator’s 
system 
responsibility 
regarding 
the 
grid 
connection 
of 
the 
Olkiluoto 
3 
nuclear 
power 
plant. 
The 
Market 
Court 
ruled 
mainly 
in 
favour 
of 
Fingrid’s 
appeal. 
The 
Market 
Court 
stated 
that 
Fingrid 
itself 
was 
not 
required 
to 
carry 
out 
all 
the 
actions 
necessary 
for 
the 
creation 
and 
operation 
of 
the 
Olkiluoto 
3 
protection 
scheme 
and, 
in 
support 
of 
Fingrid’s 
position, 
that 
the 
system 
protection 
scheme 
could 
be 
agreed 
on 
separately. 
According 
to 
the 
Market 
Court, 
Fingrid 
had 
the 
right 
to 
set 
protection-related 
terms 
and 
conditions 
for 
connecting 
to 
the 
main 
grid, 
without 
being 
fully 
responsible 
for 
fulfilling 
those 
terms 
and 
conditions 
through 
its 
own 
actions 
or 
costs. 
The 
Market 
Court 
also 
concluded 
that 
Fingrid 
had 
not 
violated 
the 
development, 
connection 
or 
transmission 
obligations 
under 
the 
Electricity 
Market 
Act. 

 
 
 
155 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
However, 
the 
Market 
Court 
found 
that 
Fingrid 
should 
have 
had 
the 
terms 
and 
conditions 
of 
the 
Olkiluoto 
3 
protection 
scheme 
fees 
approved 
by 
the 
Energy 
Authority. 
On 
27 
October 
2025, 
Fingrid 
appealed 
to 
the 
Supreme 
Administrative 
Court 
against 
the 
Market 
Court’s 
decision, 
because, 
according 
to 
Fingrid’s 
position, 
the 
implementation 
and 
maintenance 
responsibility 
for 
Olkiluoto 
3’s 
system 
protection 
scheme, 
including 
its 
costs, 
are 
in 
no 
way 
part 
of 
Fingrid’s 
system 
responsibility, 
and 
the 
terms 
and 
conditions 
of 
the 
system 
protection 
scheme 
or 
the 
basis 
for 
determining 
fees 
do 
not 
need 
to 
be 
submitted 
to 
the 
Energy 
Authority 
for 
approval. 
In 
accordance 
with 
the 
Energy 
Authority’s 
decision, 
Fingrid 
submitted 
its 
proposal 
concerning 
the 
determination 
principles 
for 
fees 
related 
to 
the 
Olkiluoto 
3 
protection 
scheme 
on 
30 
April 
2024. 
The 
Energy 
Authority 
issued 
its 
decision 
on 
the 
determination 
principles 
for 
fees 
on 
30 
December 
2024. 
According 
to 
the 
decision, 
TVO 
shall 
bear 
the 
costs 
for 
reimbursements 
to 
response 
resources 
connected 
to 
system 
protection 
and 
for 
the 
construction, 
maintenance 
and 
use 
of 
data 
communication 
connections. 
The 
decision 
states 
that 
Fingrid 
shall 
bear 
the 
costs 
for 
acquiring 
the 
response 
resources 
and 
awarding 
contracts, 
managing 
the 
system 
protection 
scheme 
and 
the 
tests 
to 
be 
carried 
out 
on 
the 
response 
resources 
for 
system 
protection, 
as 
well 
as 
for 
the 
maintenance 
of 
the 
measurement 
and 
monitoring 
system 
for 
system 
protection 
in 
Fingrid’s 
operation 
control 
system. 
Fingrid 
and 
TVO 
have 
agreed 
on 
fee 
arrangements 
for 
Olkiluoto 
3’s 
system 
protection 
scheme 
as 
of 
1 
January 
2025. 
The 
agreement 
is 
based 
on 
the 
decision 
issued 
by 
the 
Energy 
Authority 
on 
the 
costs 
for 
the 
system 
protection 
scheme 
on 
30 
December 
2024. 
Fingrid 
and 
TVO 
appealed 
the 
decision 
to 
the 
Market 
Court, 
which 
overturned 
the 
Energy 
Authority’s 
decision 
and 
referred 
the 
matter 
regarding 
the 
determination 
of 
the 
fees 
for 
Olkiluoto 
3’s 
system 
protection 
scheme 
back 
to 
the 
Energy 
Authority 
in 
its 
decision 
issued 
on 
7 
November 
2025. 
On 
10 
December 
2025, 
Fingrid 
appealed 
with 
the 
Supreme 
Administrative 
Court 
against 
the 
Market 
Court’s 
decision. 
35. 
SEPARATION 
OF 
BUSINESSES 
IN 
ACCORDANCE 
WITH 
THE 
ELECTRICITY 
MARKET 
ACT 
Imbalance 
power 
and 
regulating 
power 
Each 
electricity 
market 
participant 
must 
have 
an 
open 
supplier 
for 
its 
electricity 
production 
and 
procurement 
and 
for 
electricity 
consumption 
and 
deliveries. 
The 
open 
supplier 
must 
designate 
a 
balance 
responsible 
party 
for 
the 
open 
delivery 
it 
delivers 
to 
an 
electricity 
market 
participant, 
and 
the 
balance 
responsible 
party 
carries 
out 
imbalance 
settlement 
for 
the 
electricity 
production 
and 
procurement 
and 
the 
use 
and 
transmission 
of 
electricity 
linked 
with 
the 
open 
delivery 
in 
question 
through 
this 
open 
delivery 
or 
the 
linked 
continuous 
chain 
of 
open 
deliveries. 
The 
balance 
responsible 
party 
signs 
a 
balance 
service 
agreement 
with 
Fingrid. 
Fingrid 
buys 
and 
sells 
imbalance 
power 
to 
settle 
any 
imbalance 
in 
the 
hourly 
power 
balance 
of 
a 
balance 
responsible 
party. 
Imbalance 
pricing 
is 
based 
on 
the 
balance 
service 
agreement 
with 
impartial 
and 
public 
terms 
and 
conditions. 
Fingrid 
is 
responsible 
for 
maintaining 
a 
power 
balance 
in 
Finland 
at 
all 
times 
by 
buying 
and 
selling 
balancing 
power. 
The 
balance 
responsible 
parties 
can 
participate 
in 
the 
Nordic 
balancing 
power 
market 
by 
submitting 
bids 
on 
their 
available 
capacity. 
The 
terms 
and 
conditions 
of 
participation 
in 
the 
balancing 
power 
market 
and 
the 
pricing 
of 
balancing 
power 
are 
based 
on 
the 
balancing 
power 
market 
agreement. 
Fingrid 
is 
responsible 
for 
organising 
national 
imbalance 
settlement.A 
company 
jointly 
owned 
by 
the 
Finnish, 
Swedish, 
Norwegian 
and 
Danish 
transmission 
system 
operators, 
eSett 
Oy, 
draws 
up 
the 
imbalance 
settlement 
and 
manages 
the 
guarantees 
set 
by 
the 
balance 
responsible 
parties. 
The 
imbalance 
settlement 
takes 
place 
after 
the 
delivery 
hour 
by 
determining 
the 
actual 
electricity 
generation, 
consumption, 
electricity 
trading 
and 
any 
imbalance 
adjustments 
for 
reserve 
activation. 
The 
outcome 
of 
the 
balance 
settlement 
is 
the 
power 
balance 
for 
each 
balance 
responsible 
party. 
Management 
of 
balance 
operation 
In 
accordance 
with 
a 
decision 
by 
the 
Energy 
Market 
Authority, 
Fingrid 
Oyj 
shall 
separate 
the 
duties 
pertaining 
to 
national 
power 
balance 
operation 
by 
virtue 
of 
Chapter 
12 
of 
the 
Electricity 
Market 
Act. 
Balance 
responsibility 
is 
part 
of 
financially 
regulated 
grid 
operations 
. 
The 
income 
statement 
of 
the 
balance 
service 
unit 
is 
separated 
by 
means 
of 
cost 
accounting 
as 
follows: 
Income 
direct 
Separate 
costs 
direct 
Production 
costs 
matching 
principle 
Administrative 
costs 
matching 
principle 
Depreciation 
and 
amortisation 
matching 
principle 
in 
accordance 
with 
Fingrid 
Oyj's 
depreciation 
and 
amortisation 
principle 
Finance 
income 
and 
costs 
on 
the 
basis 
of 
imputed 
debt 
Income 
taxes 
based 
on 
result 

 
156 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
The 
average 
number 
of 
personnel 
during 
2025 
was 
13 
(11). 
The 
operating 
profit 
was 
7.3 
(6.4) 
per 
cent 
of 
turnover. 
MANAGEMENT 
OF 
BALANCE 
OPERATION, 
SEPARATED 
INCOME 
STATEMENT 
1 
Jan 
- 
31 
Dec, 
2025 
1 
Jan 
- 
31 
Dec, 
2024 
€1,000 
€1,000 
TURNOVER 
505,596 
664,371 
Materials 
and 
services 
-461,506 
-618,072 
Personnel 
costs 
-3,101 
-1,403 
Depreciation 
and 
amortisation 
-1,151 
-1,116 
Other 
operating 
expenses 
-2,994 
-1,393 
OPERATING 
PROFIT 
36,845 
42,388 
PROFIT/LOSS 
BEFORE 
APPROPRIATIONS 
AND 
TAXES 
36,845 
42,388 
Appropriations 
-179 
108 
Income 
taxes 
-7,333 
-7,650 
PROFIT/LOSS 
FOR 
THE 
FINANCIAL 
YEAR 
29,333 
34,845 
MANAGEMENT 
OF 
BALANCE 
OPERATION, 
SEPARATED 
BALANCE 
SHEET 
ASSETS 
31 
Dec 
2025 
31 
Dec 
2024 
€1,000 
€1,000 
NON-CURRENT 
ASSETS 
Intangible 
assets 
Other 
non-current 
expenses 
2,356 
2,125 
Tangible 
assets 
Machinery 
and 
equipment 
824 
631 
Investments 
Interests 
in 
associated 
companies 
1,501 
1,501 
TOTAL 
NON-CURRENT 
ASSETS 
4,680 
4,257 
CURRENT 
ASSETS 
Current 
receivables 
Trade 
receivables 
2,534 
6,457 
Receivables 
from 
Group 
companies 
27,761 
17,239 
Receivables 
from 
associated 
companies 
4 
19,801 
30,299 
43,496 
Cash 
in 
hand 
and 
bank 
receivables 
1 
1 
TOTAL 
CURRENT 
ASSETS 
30,300 
43,497 
TOTAL 
ASSETS 
34,980 
47,754 
 
SHAREHOLDERS' 
EQUITY 
AND 
LIABILITIES 
31 
Dec 
2025 
31 
Dec 
2024 
€1,000 
€1,000 
EQUITY 
Share 
capital 
32 
32 
Share 
premium 
account 
286 
286 
Profit 
for 
the 
financial 
year 
29,333 
34,845 
TOTAL 
SHAREHOLDERS' 
EQUITY 
29,650 
35,162

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
157 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
ACCUMULATED 
APPROPRIATIONS 
-243 
-422 
LIABILITIES 
Current 
liabilities 
Trade 
payables 
1,294 
3,928 
Other 
debt 
2,228 
9,086 
Liabilities 
to 
associated 
companies 
2,052 
- 
5,573 
13,014 
TOTAL 
LIABILITIES 
5,573 
13,014 
TOTAL 
SHAREHOLDERS' 
EQUITY 
AND 
LIABILITIES 
34,980 
47,754 
Grid 
operations 
Grid 
operations 
refers 
to 
licensed 
electricity 
system 
operation 
that 
takes 
place 
on 
the 
electricity 
grid. 
Electricity 
system 
operations 
are 
defined 
in 
Chapter 
1 
of 
the 
Electricity 
Market 
Act 
(588/2013) 
and 
grid 
operations 
are 
defined 
in 
Chapter 
5. 
Of 
Fingrid 
Oyj’s 
operations, 
activities 
related 
to 
the 
management 
of 
the 
power 
reserve 
system 
and 
guarantees 
of 
origin 
for 
electricity, 
as 
well 
as 
the 
Datahub 
system 
are 
not 
included 
in 
grid 
operations. 
Operations 
that 
are 
not 
part 
of 
grid 
operations 
constitute 
‘other 
operations’ 
as 
referred 
to 
in 
Chapter 
12 
of 
the 
Electricity 
Market 
Act 
and 
must 
be 
separated 
from 
grid 
operations 
in 
accordance 
with 
that 
Chapter. 
The 
income 
statement 
and 
balance 
sheet 
of 
grid 
operations 
and 
other 
operations 
have, 
in 
compliance 
with 
Chapter 
12 
of 
the 
Electricity 
Market 
Act, 
been 
separated 
by 
means 
of 
cost 
accounting 
as 
follows: 
Income 
direct 
Separate 
costs 
direct 
Production 
costs 
matching 
principle 
Administrative 
costs 
matching 
principle 
Depreciation 
and 
amortisation 
matching 
principle 
in 
accordance 
with 
Fingrid 
Oyj's 
depreciation 
and 
amortisation 
principle 
Finance 
income 
and 
costs 
on 
the 
basis 
of 
imputed 
debt 
Income 
taxes 
based 
on 
result 
Balance 
sheet 
items 
matching 
principle 
TRANSMISSION 
SYSTEM 
OPERATION 
TRANSMISSION 
SYSTEM 
OPERATION 
SEPARATED 
INCOME 
STATEMENT 
1 
Jan 
- 
31 
Dec, 
2025 
1 
Jan 
- 
31 
Dec, 
2024 
€1,000 
€1,000 
TURNOVER 
1,128,337 
1,271,028 
Other 
operating 
income 
152,034 
133,345 
Purchases 
during 
the 
financial 
year 
-594,885 
-762,689 
Loss 
power 
procurement 
-83,670 
-81,074 
Change 
in 
stock 
2,020 
1,424 
Grid 
service 
charges 
-16 
-96 
Other 
services 
-98,471 
-89,763 
Personnel 
costs 
-49,890 
-45,050 
Depreciation 
and 
amortisation 
-540 
-8,457 
Depreciation 
and 
amortisation 
according 
to 
plan 
for 
the 
electricity 
grid 
-129,522 
-113,338 
Other 
operating 
expenses 
-46,792 
-43,068 
Renting 
expenses 
-5,306 
-4,798 
OPERATING 
PROFIT 
273,300 
257,464 
Other 
interest 
and 
financial 
income 
41,616 
27,157 
Other 
interest 
and 
financial 
expenses 
-69,480 
-54,486 
PROFIT/LOSS 
BEFORE 
APPROPRIATIONS 
AND 
TAXES 
245,436 
230,135 
Accumulated 
depreciation 
difference 
for 
the 
electricity 
grid 
24,996 
-61,431 
Accumulated 
depreciation 
difference 
for 
other 
non-current 
assets 
-24,996 
-269 

 
158 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Income 
taxes 
-48,884 
-33,734 
PROFIT/LOSS 
FOR 
THE 
FINANCIAL 
YEAR 
196,552 
134,701 
 
OTHER 
OPERATION 
OTHER 
OPERATION 
SEPARATED 
INCOME 
STATEMENT 
1 
Jan 
- 
31 
Dec, 
2025 
1 
Jan 
- 
31 
Dec, 
2024 
€1,000 
€1,000 
TURNOVER 
1,590 
1,534 
Personnel 
costs 
-308 
-280 
Other 
operating 
expenses 
-1,282 
-1,254 
OPERATING 
PROFIT 
0 
0 
Finance 
income 
and 
costs 
Revenue 
from 
group 
companies 
100 
- 
Other 
interest 
and 
financial 
income 
in 
group 
companies 
1,490 
1,727 
Other 
interest 
and 
financial 
expenses 
in 
group 
companies 
-187 
-277 
Other 
interest 
and 
financial 
expenses 
-1,134 
-1,101 
PROFIT/LOSS 
BEFORE 
APPROPRIATIONS 
AND 
TAXES 
269 
349 
Income 
taxes 
-54 
-70 
PROFIT/LOSS 
FOR 
THE 
FINANCIAL 
YEAR 
216 
279 
 
SEPARATED 
BALANCE 
SHEET 
TRANSMISSION 
SYSTEM 
OPERATION 
TRANSMISSION 
SYSTEM 
OPERATION 
ASSETS 
31 
Dec 
2025 
31 
Dec 
2024 
€1,000 
€1,000 
Intangible 
assets: 
Intangible 
assets 
of 
the 
electricity 
grid 
61,822 
55,103 
Other 
intangible 
assets 
558 
11,630 
62,380 
66,733 
Tangible 
assets 
Tangible 
assets 
of 
the 
electricity 
grid 
1,980,547 
1,727,596 
Other 
property, 
plant 
and 
equipment 
7,363 
38,254 
Prepayments 
and 
purchases 
in 
progress 
447,009 
514,356 
2,434,919 
2,280,206 
Investments: 
Investments 
12,736 
93,863 
12,736 
93,863 
 
TOTAL 
NON-CURRENT 
ASSETS 
2,510,035 
2,440,802 
CURRENT 
ASSETS 
Inventories 
22,548 
20,529 
Non-current 
Other 
receivables 
43,121 
20,498 
43,121 
20,498 
Current 
Trade 
receivables 
113,187 
108,276 
Other 
receivables 
7,859 
5,757

 
159 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Prepayments 
and 
accrued 
income 
39,026 
24,992 
160,072 
139,025 
Financial 
securities 
63,968 
135,420 
Cash 
in 
hand 
and 
bank 
receivables 
538,569 
610,555 
TOTAL 
CURRENT 
ASSETS 
828,278 
926,027 
TOTAL 
ASSETS 
3,338,314 
3,366,829 
 
SEPARATED 
BALANCE 
SHEET 
TRANSMISSION 
SYSTEM 
OPERATION 
TRANSMISSION 
SYSTEM 
OPERATION 
SHAREHOLDERS' 
EQUITY 
AND 
LIABILITIES 
31 
Dec 
2025 
31 
Dec 
2024 
€1,000 
€1,000 
EQUITY 
Share 
capital 
55,920 
55,920 
Share 
premium 
account 
55,922 
55,922 
Profit 
from 
previous 
financial 
years 
36,856 
37,138 
Profit 
for 
the 
financial 
year 
196,552 
134,701 
TOTAL 
SHAREHOLDERS' 
EQUITY 
345,250 
283,681 
Accumulated 
depreciation 
difference 
for 
grid 
assets 
367,890 
392,886 
Accumulated 
depreciation 
difference 
for 
other 
assets 
1,207 
-23,789 
PROVISIONS 
FOR 
LIABILITIES 
AND 
CHARGES 
2,957 
2,854 
LIABILITIES 
Non-current 
liabilities 
Bonds, 
interest 
bearing 
1,253,337 
1,248,065 
Loans 
from 
financial 
institutions, 
interest 
bearing 
176,587 
205,506 
Accruals 
446,998 
429,919 
1,876,922 
1,883,490 
Current 
liabilities 
Bonds, 
interest 
bearing 
- 
82,512 
Loans 
from 
financial 
institutions, 
interest 
bearing 
299,438 
239,387 
Trade 
payables 
31,136 
36,469 
Other 
liabilities 
7,412 
7,936 
Accruals 
406,102 
461,405 
744,087 
827,708 
TOTAL 
LIABILITIES 
2,621,010 
2,711,198 
TOTAL 
SHAREHOLDERS' 
EQUITY 
AND 
LIABILITIES 
3,338,314 
3,366,829 
Return 
on 
investment 
(ROI) 
in 
transmission 
system 
operation, 
% 
13.3 
% 
17.5 
% 
 
SEPARATED 
BALANCE 
SHEET 
OTHER 
OPERATION 
OTHER 
OPERATION 
ASSETS 
31 
Dec 
2025 
31 
Dec 
2024 
€1,000 
€1,000 
Intangible 
assets: 
Investments 
16,896 
16,896

 
160 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
16,896 
16,896 
 
TOTAL 
NON-CURRENT 
ASSETS 
16,896 
16,896 
CURRENT 
ASSETS 
Non-current 
Other 
receivables 
20,940 
29,928 
20,940 
29,928 
Trade 
receivables 
342 
297 
Other 
receivables 
5,488 
5,488 
Prepayments 
and 
accrued 
income 
31 
39 
5,861 
5,824 
Cash 
in 
hand 
and 
bank 
receivables 
541 
733 
TOTAL 
CURRENT 
ASSETS 
27,342 
36,485 
TOTAL 
ASSETS 
44,238 
53,381 
 
SEPARATED 
BALANCE 
SHEET 
OTHER 
OPERATION 
OTHER 
OPERATION 
SHAREHOLDERS' 
EQUITY 
AND 
LIABILITIES 
31 
Dec 
2025 
31 
Dec 
2024 
€1,000 
€1,000 
EQUITY 
Share 
capital 
3 
3 
Profit 
from 
previous 
financial 
years 
82 
102 
Profit 
for 
the 
financial 
year 
216 
279 
TOTAL 
SHAREHOLDERS' 
EQUITY 
300 
384 
LIABILITIES 
Non-current 
liabilities 
Bonds, 
interest 
bearing 
35,141 
40,413 
Loans 
from 
financial 
institutions, 
interest 
bearing 
4,951 
6,654 
40,092 
47,068 
Liabilities 
to 
Group 
companies, 
interest 
bearing 
3,232 
5,244 
Liabilities 
to 
Group 
companies 
9 
1 
Other 
liabilities 
8 
8 
Accruals 
597 
677 
3,846 
5,930 
TOTAL 
LIABILITIES 
43,938 
52,998 
TOTAL 
SHAREHOLDERS' 
EQUITY 
AND 
LIABILITIES 
44,238 
53,381 
Other 
non-current 
assets 
included 
in 
the 
separated 
balance 
sheet 
for 
grid 
operations 
SEPARATED 
BALANCE 
SHEET 
TRANSMISSION 
SYSTEM 
OPERATION 
TRANSMISSION 
SYSTEM 
OPERATION 
ASSETS 
31 
Dec 
2025 
31 
Dec 
2024 
€1,000 
€1,000 
Intangible 
assets:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
161 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Other 
intangible 
assets 
558 
11,630 
558 
11,630 
Tangible 
assets 
Land 
and 
water 
areas 
182 
22,041 
Buildings 
and 
structures 
6,771 
7,015 
Machinery 
and 
equipment 
300 
6,929 
Transmission 
lines 
- 
2,157 
Other 
property, 
plant 
and 
equipment 
110 
110 
Prepayments 
and 
purchases 
in 
progress 
447,009 
514,356 
454,372 
552,610 
 
TOTAL 
NON-CURRENT 
ASSETS 
454,930 
564,240 
INTANGIBLE 
ASSETS, 
1 
000 
€ 
2025 
2024 
Intangible 
assets 
of 
the 
electricity 
grid, 
€ 
1,000 
Carrying 
amount 
31 
Dec 
61,822 
55,103 
Carrying 
amount 
1 
Jan 
-55,103 
-57,316 
Amortisation 
according 
to 
plan 
1 
Jan–31 
Dec 
9,998 
4,451 
Decreases 
1 
Jan–31 
Dec 
-10,750 
406 
Total 
net 
investments 
5,968 
2,644 
Other 
intangible 
assets, 
1 
000 
€ 
Carrying 
amount 
31 
Dec 
558 
11,630 
Carrying 
amount 
1 
Jan 
-11,630 
-12,543 
Amortisation 
according 
to 
plan 
1 
Jan–31 
Dec 
201 
5,284 
Decreases 
1 
Jan–31 
Dec 
11,062 
- 
Total 
net 
investments 
191 
4,371 
NET 
CAPITAL 
EXPENDITURE 
IN 
INTANGIBLES 
6,159 
7,016 
PROPERTY, 
PLANT 
AND 
EQUIPMENT, 
1 
000 
€ 
2025 
2024 
Tangible 
grid 
investments, 
1,000 
€ 
Carrying 
amount 
31 
Dec 
1,980,547 
1,727,596 
Carrying 
amount 
1 
Jan 
-1,727,596 
-1,642,227 
Depreciation 
according 
to 
plan 
1 
Jan–31 
Dec 
119,524 
108,887 
Decreases 
1 
Jan–31 
Dec 
-29,173 
-5,402 
Total 
net 
investments 
343,302 
188,855 
Other 
property, 
plant 
and 
equipment, 
1 
000 
€ 
Carrying 
amount 
31 
Dec 
7,363 
38,254 
Carrying 
amount 
1 
Jan 
-38,254 
-42,164 
Depreciation 
according 
to 
plan 
1 
Jan–31 
Dec 
339 
3,173 
Decreases 
1 
Jan–31 
Dec 
30,596 
5,516 
Total 
net 
investments 
45 
4,779 
NET 
CAPITAL 
EXPENDITURE 
IN 
TANGIBLES 
343,347 
193,634 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
162 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Prepayment 
and 
purchases 
in 
progress, 
1 
000 
€ 
Carrying 
amount 
31 
Dec 
447,009 
514,356 
Carrying 
amount 
1 
Jan 
-514,356 
-266,338 
Decreases 
1 
Jan–31 
Dec 
349,233 
200,577 
Increase 
in 
prepayments 
and 
purchases 
in 
progress 
281,885 
448,595 
36. 
CONGESTION 
INCOME 
IN 
GRID 
OPERATIONS
The 
congestion 
income 
received 
by 
a 
grid 
owner 
must 
be 
used 
for 
the 
purposes 
stated 
in 
EU 
Regulation 
2019/943, 
Article 
19: 
guaranteeing 
the 
actual 
availability 
of 
the 
allocated 
capacity, 
maintaining 
or 
increasing 
interconnection 
capacities 
through 
network 
investments, 
covering 
the 
costs 
of 
maintaining 
said 
capacity 
and 
recognising 
congestion 
income 
in 
the 
company’s 
turnover. 
The 
congestion 
income 
is 
included 
as 
accruals 
in 
the 
item 
Other 
liabilities 
in 
the 
balance 
sheet. 
Of 
accruals, 
congestion 
income 
is 
recognised 
in 
the 
income 
statement 
in 
other 
operating 
income 
in 
compliance 
with 
the 
accrual 
of 
costs 
defined 
in 
regulation 
and 
in 
turnover 
to 
the 
extent 
that 
congestion 
income 
can 
be 
directly 
recognised 
for 
the 
benefit 
of 
grid 
customers. 
Alternatively, 
they 
are 
recognised 
in 
the 
balance 
sheet 
against 
investments, 
as 
defined 
by 
regulation, 
to 
lower 
the 
acquisition 
cost 
of 
property, 
plant 
and 
equipment. 
As 
a 
result, 
this 
lowers 
the 
depreciation 
of 
the 
property, 
plant 
and 
equipment 
in 
question. 
Fingrid 
reports 
the 
share 
to 
be 
used 
during 
the 
next 
year 
in 
short-term 
liabilities. 
The 
Energy 
Authority’s 
regulatory 
letters 
during 
the 
regulatory 
period 
guide 
the 
use 
of 
congestion 
income. 
The 
Energy 
Authority 
issues 
a 
decision 
on 
the 
use 
of 
congestion 
income 
as 
part 
of 
its 
supervisory 
decision 
on 
the 
reasonable 
return. 
Congestion 
income, 
€1,000 
2025 
2024 
Unused 
on 
1 
Jan 
841,833 
975,731 
Accumulated 
congestion 
income 
349,316 
327,522 
Incomes 
matching 
congestion 
income 
-81,900 
-301,000 
Expenses 
matching 
congestion 
income 
-49,879 
-44,546 
Allocated 
to 
transmission 
right 
compensations 
-91,448 
-85,523 
Investments 
matching 
congestion 
income 
-170,401 
-30,351 
Unused 
on 
31 
Dec 
797,522 
841,833 
Countertrade 
The 
countertrade 
used 
to 
safeguard 
system 
security 
in 
transmission 
grid 
operations 
results 
in 
costs. 
The 
countertrade 
costs 
arising 
from 
countertrade 
at 
cross 
-border 
transmission 
connections 
can 
be 
covered 
by 
congestion 
income. 
Countertrade, 
€1,000 
2025 
2024 
Countertrade 
between 
Finland 
and 
Sweden 
19 
938 
Countertrade 
between 
Finland 
and 
Estonia 
12 
5,159 
Countertrade 
between 
Finland's 
internal 
connections 
291 
957 
Total 
countertrade 
322 
7,054 
37. 
EMISSION 
RIGHTS 
The 
use 
of 
emission 
rights 
had 
no 
impact 
on 
the 
financial 
result 
in 
2025. 
2025 
2024 
Total 
CO
2
 
emissions 
tCO
2
4,875 
5,123 

163 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
6 
SIGNATURES 
FOR 
THE 
ANNUAL 
REVIEW 
AND 
FOR 
THE 
FINANCIAL 
STATEMENTS 
Statements 
of 
the 
Board 
of 
Directors 
and 
the 
President 
& 
CEO 
We 
confirm 
that 
the 
consolidated 
financial 
statements 
prepared 
in 
accordance 
with 
the 
International 
Financial 
Reporting 
Standards 
(IFRS) 
as 
adopted 
by 
the 
European 
Union 
and 
the 
financial 
statements 
of 
the 
parent 
company 
prepared 
in 
accordance 
with 
the 
laws 
and 
regulations 
governing 
the 
preparation 
of 
financial 
statements 
in 
Finland 
give 
a 
true 
and 
fair 
view 
of 
the 
assets, 
liabilities, 
financial 
position 
and 
profit 
or 
loss 
of 
the 
company 
and 
the 
undertakings 
included 
in 
the 
consolidation 
taken 
as 
a 
whole; 
and 
the 
management 
report 
includes 
a 
fair 
review 
of 
the 
development 
and 
performance 
of 
the 
business 
and 
the 
position 
of 
the 
company 
and 
the 
undertakings 
included 
in 
the 
consolidation 
taken 
as 
a 
whole, 
together 
with 
a 
description 
of 
the 
principal 
risks 
and 
uncertainties 
that 
they 
face 
and; 
that 
the 
sustainability 
statement 
within 
management 
report 
is 
prepared 
in 
accordance 
with 
sustainability 
report 
standards 
referred 
to 
in 
Chapter 
7 
of 
the 
Accounting 
Act 
and 
with 
the 
Article 
8 
of 
Taxonomy 
Regulation. 
Helsinki, 
3 
March 
2026 
Eeva-Liisa 
Virkkunen 
Leena 
Mörttinen 
Chair 
Deputy 
Chair 
Jero 
Ahola 
Anne 
Jalkala 
Mikko 
Mursula 
Asta 
Sihvonen-Punkka 
President 
& 
CEO 
Auditor’s 
notation 
A 
report 
on 
the 
audit 
carried 
out 
has 
been 
submitted 
today. 
Helsinki, 
3 
March 
2026 

164 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
KPMG 
Oy 
Authorised 
Public 
Accountants 
Heidi 
Hyry, 
APA 

165 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
This 
document 
is 
an 
English 
translation 
of 
the 
Finnish 
auditor’s 
report. 
Only 
the 
Finnish 
version 
of 
the 
report 
is 
legally 
binding. 
Auditor’s 
Report 
To 
the 
Annual 
General 
Meeting 
of 
Fingrid 
Oyj 
Report 
on 
the 
Audit 
of 
the 
Financial 
Statements 
Opinion 
We 
have 
audited 
the 
financial 
statements 
of 
Fingrid 
Oyj 
(business 
identity 
code 
1072894 
-3) 
for 
the 
year 
ended 
31 
December, 
20 
25. 
The 
financial 
statements 
comprise 
the 
consolidated 
balance 
sheet, 
income 
statement, 
statement 
of 
comprehensive 
income, 
statement 
of 
changes 
in 
equity, 
statement 
of 
cash 
flows 
and 
notes, 
including 
material 
accounting 
policy 
information 
, 
as 
well 
as 
the 
parent 
company’s 
balance 
sheet, 
income 
statement, 
stat 
ement 
of 
cash 
flows 
and 
notes. 
In 
our 
opinion 
—
the 
consolidated 
financial 
statements 
give 
a 
true 
and 
fair 
view 
of 
the 
group’s 
financial 
position, 
financial 
performance 
and 
cash 
flows 
in 
accordance 
with 
IFRS 
Accounting 
Standards 
as 
adopted 
by 
the 
EU 
—
the 
financial 
statements 
give 
a 
true 
and 
fair 
view 
of 
the 
parent 
company’s 
financial 
performance 
and 
financial 
position 
in 
accordance 
with 
the 
laws 
and 
regulations 
governing 
the 
preparation 
of 
financial 
statements 
in 
Finland 
and 
comply 
with 
statutory 
requi 
rements. 
Our 
opinion 
is 
consistent 
with 
the 
additional 
report 
submitted 
to 
the 
Audit 
Committee. 
Basis 
for 
Opinion 
We 
conducted 
our 
audit 
in 
accordance 
with 
good 
auditing 
practice 
in 
Finland. 
Our 
responsibilities 
under 
good 
auditing 
practice 
are 
further 
described 
in 
the 
Auditor’s 
Responsibilities 
for 
the 
Audit 
of 
the 
Financial 
Statements
 
section 
of 
our 
report. 
We 
are 
independent 
of 
the 
parent 
company 
and 
of 
the 
group 
companies 
in 
accordance 
with 
the 
ethical 
requirements 
that 
are 
applicable 
in 
Finland 
and 
are 
relevant 
to 
our 
audit, 
and 
we 
have 
fulfilled 
our 
other 
ethical 
responsibilities 
in 
accordance 
with 
these 
requirements. 
In 
our 
best 
knowledge 
and 
understanding, 
the 
non-audit 
services 
that 
we 
have 
provided 
to 
the 
parent 
company 
and 
group 
companies 
are 
in 
compliance 
with 
laws 
and 
regulations 
applicable 
in 
Finland 
regarding 
these 
services, 
and 
we 
have 
not 
provided 
any 
prohibi 
ted 
non-audit 
services 
referred 
to 
in 
Article 
5(1) 
of 
regulation 
(EU) 
537/2014. 
The 
non-audit 
services 
that 
we 
have 
provided 
have 
been 
disclosed 
in 
note 
4.1.5/7 
to 
the 
consolidated 
financial 
statements. 
We 
believe 
that 
the 
audit 
evidence 
we 
have 
obtained 
is 
sufficient 
and 
appropriate 
to 
provide 
a 
basis 
for 
our 
opinion. 
Materiality 
The 
scope 
of 
our 
audit 
was 
influenced 
by 
our 
application 
of 
materiality. 
The 
materiality 
is 
determined 
based 
on 
our 
professional 
judgement 
and 
is 
used 
to 
determine 
the 
nature, 
timing 
and 
extent 
of 
our 
audit 
procedures 
and 
to 
evaluate 
the 
effect 
of 
identified 
misstatements 
on 
the 
financial 
statements 
as 
a 
whole. 
The 
level 
of 
materiality 
we 
set 
is 
based 
on 
our 
assessment 
of 
the 
magnitude 
of 
misstatements 
that, 
individually 
or 
in 
aggregate, 
could 
reasonably 
be 
expected 
to 
have 
influence 
on 
the 
economic 
decisions 
of 
the 
users 
of 
the 
financial 
statements. 
We 
have 
also 
taken 
into 
account 
misstatements 
and/or 
possible 
misstatements 
that 
in 
our 
opinion 
are 
material 
for 
qualitative 
reasons 
for 
the 
users 
of 
the 
financial 
statements. 
Key 
Audit 
Matters 
Key 
audit 
matters 
are 
those 
matters 
that, 
in 
our 
professional 
judgment, 
were 
of 
most 
significance 
in 
our 
audit 
of 
the 
financial 
statements 
of 
the 
current 
period. 
These 
matters 
were 
addressed 
in 
the 
context 
of 
our 
audit 
of 

 
 
 
 
 
166 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
the 
financial 
statements 
as 
a 
whole, 
and 
in 
forming 
our 
opinion 
thereon, 
and 
we 
do 
not 
provide 
a 
separate 
opinion 
on 
these 
matters. 
The 
significant 
risks 
of 
material 
misstatement 
referred 
to 
in 
the 
EU 
Regulation 
No 
537/2014 
point 
(c) 
of 
Article 
10(2) 
are 
included 
in 
the 
description 
of 
key 
audit 
matters 
below. 
We 
have 
also 
addressed 
the 
risk 
of 
management 
override 
of 
internal 
controls. 
This 
includes 
consideration 
of 
whether 
there 
was 
evidence 
of 
management 
bias 
that 
represented 
a 
risk 
of 
material 
misstatement 
due 
to 
fraud. 
THE 
KEY 
AUDIT 
MATTER 
HOW 
THE 
MATTER 
WAS 
ADDRESSED 
IN 
THE 
AUDIT 
Turno 
ver 
(refer 
to 
group 
accounting 
principles 
and 
note 
4.3/2) 
—
Consolidated 
turnover, 
1 
118 
million 
euros, 
consists 
of 
grid 
service 
and 
Balance 
services 
segments 
sales 
income 
as 
well 
as 
revenue 
from 
other 
activities. 
The 
allowed 
regulatory 
profit 
as 
per 
the 
monitoring 
methods 
guides 
the 
formation 
of 
the 
company’s 
turnover. 
—
Turnover 
from 
the 
Main 
grid 
segment, 
654 
million 
euros, 
consists 
mainly 
of 
grid 
service 
income 
and 
grid 
tariffs 
income. 
Grid 
service 
income 
is 
generally 
invoiced 
on 
a 
monthly 
basis 
and 
revenue 
is 
recognized 
when 
the 
transfer 
has 
happened. 
The 
Energy 
Authority 
defines 
the 
usage 
of 
congestion 
income 
in 
Finland. 
—
Turnover 
from 
Balance 
services 
segment, 
506 
million 
euros, 
consist 
mainly 
from 
sales 
in 
related 
to 
imbalance 
power 
trade. 
Imbalance 
power 
trade 
sales 
are 
as 
a 
rule 
invoiced 
weekly 
and 
revenue 
is 
recognized 
based 
on 
the 
delivery 
of 
the 
service. 
Imbalance 
power 
trade 
income 
is 
recorded 
based 
on 
nationwide 
imbalance 
settlement. 
Imbalance 
power 
trade 
income 
are 
partially 
estimated 
in 
the 
financial 
statements. 
Management 
estimate 
on 
the 
income 
is 
based 
on 
preliminary 
imbalance 
settlements 
and 
revenue 
is 
accrued 
to 
the 
financial 
statements 
as 
per 
the 
preliminary 
imbalance 
settlement. 
We 
have 
performed, 
among 
other 
things, 
the 
following 
audit 
procedures: 
— 
We 
have 
evaluated 
the 
internal 
control 
environment, 
and 
the 
effectiveness 
of 
the 
key 
controls 
related 
to 
revenue 
recognition. 
— 
We 
have 
tested 
the 
registration 
of 
sales 
transactions, 
the 
functionality 
of 
the 
posting 
and 
invoicing 
processes, 
and 
assessed 
revenue 
recognition 
through 
testing 
of 
individual 
transactions 
and 
substantive 
analytical 
procedures. 
— 
We 
have 
tested 
accuracy 
of 
the 
grid 
service 
income 
by 
comparing 
the 
realized 
electricity 
transfer 
to 
the 
invoiced 
amount 
by 
samples 
as 
well 
as 
by 
testing 
the 
appropriateness 
of 
the 
prices 
used 
in 
invoicing. 
— 
In 
relation 
to 
the 
balance 
services 
segment’s 
sales 
income 
entries, 
we 
have 
compared 
the 
management’s 
estimate 
with 
the 
actual 
outcome 
available 
at 
the 
time 
of 
the 
audit. 
— 
In 
the 
audit 
of 
other 
turnover 
items, 
we 
paid 
attention 
to 
the 
billing 
basis 
and 
appropriateness 
of 
prices 
used 
in 
invoicing. 
— 
In 
addition, 
we 
have 
evaluated 
the 
appropriateness 
of 
the 
notes 
relating 
to 
the 
turnover. 

 
 
 
 
 
167 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
—
Group 
turnover 
consists 
of 
multiple 
different 
revenue 
streams, 
which 
makes 
revenue 
recording 
a 
key 
audit 
matter. 
Valuation 
and 
depreciation 
of 
tangible 
assets 
(refer 
to 
group 
accounting 
principles 
and 
note 
4.2.2) 
—
Balance 
sheet 
value 
of 
tangible 
assets 
in 
total 
is 
2 
552 
million 
euros 
which 
forms 
69 
percent 
of 
total 
assets. 
Of 
which, 
prepayments 
and 
purchases 
in 
progress 
consisting 
of 
several 
significant 
investment 
projects 
are 
456 
million 
euros. 
Depreciation 
according 
to 
plan 
was 
138 
million 
euros. 
—
Balance 
sheet 
value 
s 
are 
significant, 
and 
in 
addition 
the 
defined 
useful 
life 
of 
tangible 
assets 
and 
depreciations 
based 
on 
it 
requires 
management 
judgement. 
—
In 
addition, 
the 
energy 
grid 
owned 
by 
the 
entity 
works 
as 
the 
basis 
for 
the 
energy 
grid 
operation’s 
separated 
balance 
sheet’s 
fixed 
assets 
calculation 
when 
calculating 
the 
adjusted 
value 
of 
the 
energy 
grid 
assets 
for 
the 
calculation 
of 
the 
Energy 
Authority’s 
defined 
allowed 
regulatory 
profit. 
—
Because 
of 
the 
above, 
the 
valuation 
of 
tangible 
assets 
and 
depreciation 
are 
a 
key 
audit 
matter. 
We 
have 
performed, 
among 
other 
things, 
the 
following 
audit 
procedures 
: 
— 
We 
formed 
an 
understanding 
of 
the 
processes 
related 
to 
investments 
and 
evaluated 
the 
useful 
lives, 
valuation, 
and 
fulfillment 
of 
capitalization 
conditions 
of 
assets. 
— 
We 
have 
evaluated 
internal 
control 
arrangements 
and 
tested 
controls, 
especially 
related 
to 
the 
approval 
of 
investments 
and 
invoices. 
— 
We 
have 
formed 
an 
understanding 
of 
the 
relevant 
IT 
systems 
and 
the 
related 
control 
environment 
as 
well 
as 
tested 
the 
calculation 
logic 
in 
the 
fixed 
assets 
accounting 
system 
and 
performed 
substantive 
procedures 
to 
evaluate 
the 
functionality 
of 
fixed 
assets 
accounting. 
Our 
audit 
procedures 
were 
specifically 
focused 
on 
capital 
expenditure 
and 
appropriateness 
of 
depreciations. 
— 
In 
addition, 
we 
have 
evaluated 
the 
appropriateness 
of 
the 
notes 
relating 
to 
the 
tangible 
assets 

 
 
 
 
168 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Interest-bearing 
liabilities, 
investments 
and 
derivatives 
(refer 
to 
group 
accounting 
principles 
and 
note 
s 
4.3) 
—
Consolidated 
interest 
-bearing 
liabilities, 
amounting 
to 
1 
817 
million 
euros, 
constitute 
49 
% 
of 
consolidated 
total 
balance 
sheet. 
The 
financial 
liabilities 
in 
the 
financial 
statement 
mainly 
consists 
of 
bonds 
and 
commercial 
papers 
issued 
by 
the 
parent 
company. 
—
Consolidated 
cash 
and 
investments, 
amounting 
to 
610 
million 
euros, 
mainly 
consist 
of 
the 
parent 
company's 
cash 
assets 
and 
bank 
account 
balances, 
investments 
in 
bonds 
and 
other 
deposits. 
—
Consolidated 
derivative 
assets 
and 
liabilities, 
totaling 
to 
-15.4 
million 
euros 
net, 
consists 
of 
interest 
rate 
and 
cross 
-currency 
swaps 
used 
for 
managing 
market 
risks, 
commodity 
derivatives 
used 
for 
price 
risk 
arising 
from 
purchases 
and 
hedging 
the 
cost 
of 
procuring 
loss 
power 
with 
OTC 
counterparty 
derivatives. 
Group 
has 
not 
applied 
hedge 
accounting 
under 
IFRS 
9 
for 
derivative 
instruments. 
—
Changes 
in 
the 
fair 
value 
of 
electricity 
derivatives 
have 
a 
significant 
impact 
on 
the 
company's 
operating 
profit. 
The 
pricing 
of 
OTC 
electricity 
derivatives 
is 
based 
on 
the 
quotations 
of 
corresponding 
market-listed 
electricity 
derivatives. 
The 
fair 
value 
of 
the 
group's 
electricity 
derivatives 
was 
-3 
million 
euros, 
and 
the 
underlying 
asset 
was 
5.4 
TWh 
as 
of 
31.12.202 
5. 
We 
have 
performed, 
among 
other 
things, 
the 
following 
audit 
procedures 
: 
— 
We 
have 
assessed 
the 
internal 
control 
environment 
related 
to 
the 
recognition 
and 
measurement 
of 
financial 
instruments, 
as 
well 
as 
the 
effectiveness 
of 
key 
controls. 
— 
We 
have 
tested 
the 
existence 
of 
financial 
instruments 
by 
comparing 
the 
recognized 
instruments 
with 
confirmations 
received 
from 
third 
parties. 
— 
We 
have 
assessed 
the 
classification 
of 
debt 
instruments 
into 
long-term 
and 
short-
term 
liabilities, 
as 
well 
as 
the 
accuracy 
accrued 
effective 
interest 
rate 
calculation. 
— 
We 
have 
assessed 
the 
accuracy 
and 
existence 
of 
the 
recognition 
and 
measurement 
of 
derivative 
instruments 
by 
comparing 
them 
with 
external 
confirmations 
received 
from 
third 
parties. 
We 
have 
evaluated 
the 
consistency 
of 
valuation 
methods 
for 
derivative 
instruments 
and 
the 
accuracy 
of 
fair 
value 
hierarchy 
levels 
presented 
in 
the 
notes. 
— 
Through 
substantive 
audit 
procedures, 
we 
have 
assessed 
the 
accuracy 
and 
presentation 
of 
financial 
income 
and 
expenses. 
The 
audit 
included 
both 
the 
review 
of 
individual 
transactions 
and 
analytical 
procedures. 
Responsibilities 
of 
the 
Board 
of 
Directors 
and 
the 
Managing 
Director 
for 
the 
Financial 
Statements 
The 
Board 
of 
Directors 
and 
the 
Managing 
Director 
are 
responsible 
for 
the 
preparation 
of 
consolidated 
financial 
statements 
that 
give 
a 
true 
and 
fair 
view 
in 
accordance 
with 
IFRS 
Accounting 
Standards 
as 
adopted 
by 
the 
EU, 
and 
of 
financial 
statements 
that 
give 
a 
true 
and 
fair 
view 
in 
accordance 
with 
the 
laws 
and 
regulations 
governing 
the 
preparation 
of 
financial 
statements 
in 
Finland 
and 
comply 
with 
statutory 
requirements. 
The 
Board 
of 
Direct 
ors 
and 
the 
Managing 
Director 
are 
also 
responsible 
for 
such 
internal 
control 
as 
they 
determine 
is 
necessary 
to 
enable 
the 
preparation 
of 
financial 
statements 
that 
are 
free 
from 
material 
misstatement, 
whether 
due 
to 
fraud 
or 
error. 

169 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
In 
preparing 
the 
financial 
statements, 
the 
Board 
of 
Directors 
and 
the 
Managing 
Director 
are 
responsible 
for 
assessing 
the 
parent 
company’s 
and 
the 
group’s 
ability 
to 
continue 
as 
a 
going 
concern, 
disclosing, 
as 
applicable, 
matters 
relating 
to 
going 
concern 
and 
using 
the 
going 
concern 
basis 
of 
accounting. 
The 
financial 
statements 
are 
prepared 
using 
the 
going 
concern 
basis 
of 
accounting 
unless 
there 
is 
an 
intention 
to 
liquidate 
the 
parent 
company 
or 
the 
group 
or 
cease 
operations, 
or 
there 
is 
no 
realistic 
alternative 
but 
to 
do 
so. 
Auditor’s 
Responsibilities 
for 
the 
Audit 
of 
the 
Financial 
Statements 
Our 
objectives 
are 
to 
obtain 
reasonable 
assurance 
about 
whether 
the 
financial 
statements 
as 
a 
whole 
are 
free 
from 
material 
misstatement, 
whether 
due 
to 
fraud 
or 
error, 
and 
to 
issue 
an 
auditor’s 
report 
that 
includes 
our 
opinion. 
Reasonable 
assurance 
is 
a 
high 
level 
of 
assurance 
, 
but 
is 
not 
a 
guarantee 
that 
an 
audit 
conducted 
in 
accordance 
with 
good 
auditing 
practice 
will 
always 
detect 
a 
material 
misstatement 
when 
it 
exists. 
Misstatements 
can 
arise 
from 
fraud 
or 
error 
and 
are 
considered 
material 
if, 
individually 
or 
in 
the 
aggregate, 
they 
could 
reasonably 
be 
expected 
to 
influence 
the 
economic 
decisions 
of 
users 
taken 
on 
the 
basis 
of 
the 
financial 
statements. 
As 
part 
of 
an 
audit 
in 
accordance 
with 
good 
auditing 
practice, 
we 
exercise 
professional 
judgment 
and 
maintain 
professional 
skepticism 
throughout 
the 
audit. 
We 
also: 
—
Identify 
and 
assess 
the 
risks 
of 
material 
misstatement 
of 
the 
financial 
statements, 
whether 
due 
to 
fraud 
or 
error, 
design 
and 
perform 
audit 
procedures 
responsive 
to 
those 
risks, 
and 
obtain 
audit 
evidence 
that 
is 
sufficient 
and 
appropriate 
to 
provide 
a 
basis 
for 
our 
opinion. 
The 
risk 
of 
not 
detecting 
a 
material 
misstatement 
resulting 
from 
fraud 
is 
higher 
than 
for 
one 
resulting 
from 
error, 
as 
fraud 
may 
involve 
collusion, 
forgery, 
intentional 
omissions, 
misrepresentations, 
or 
the 
override 
of 
internal 
control. 
—
Obtain 
an 
understanding 
of 
internal 
control 
relevant 
to 
the 
audit 
in 
order 
to 
design 
audit 
procedures 
that 
are 
appropriate 
in 
the 
circumstances, 
but 
not 
for 
the 
purpose 
of 
expressing 
an 
opinion 
on 
the 
effectiveness 
of 
the 
parent 
company’s 
or 
the 
group’s 
internal 
control. 
—
Evaluate 
the 
appropriateness 
of 
accounting 
policies 
used 
and 
the 
reasonableness 
of 
accounting 
estimates 
and 
related 
disclosures 
made 
by 
management. 
—
Conclude 
on 
the 
appropriateness 
of 
the 
Board 
of 
Directors’ 
and 
the 
Managing 
Director’s 
use 
of 
the 
going 
concern 
basis 
of 
accounting 
and 
based 
on 
the 
audit 
evidence 
obtained, 
whether 
a 
material 
uncertainty 
exists 
related 
to 
events 
or 
conditions 
that 
may 
cast 
significant 
doubt 
on 
the 
parent 
company’s 
or 
the 
group’s 
ability 
to 
continue 
as 
a 
going 
concern. 
If 
we 
conclude 
that 
a 
material 
uncertainty 
exists, 
we 
are 
required 
to 
draw 
attention 
in 
our 
auditor’s 
report 
to 
the 
related 
disclosures 
in 
the 
financial 
statements 
or, 
if 
such 
disclosures 
are 
inadequate, 
to 
modify 
our 
opinion. 
Our 
conclusions 
are 
based 
on 
the 
audit 
evidence 
obtained 
up 
to 
the 
date 
of 
our 
auditor’s 
report. 
However, 
future 
events 
or 
conditions 
may 
cause 
the 
parent 
company 
or 
the 
group 
to 
cease 
to 
continue 
as 
a 
going 
concern. 
—
Evaluate 
the 
overall 
presentation, 
structure 
and 
content 
of 
the 
financial 
statements, 
including 
the 
disclosures, 
and 
whether 
the 
financial 
statements 
represent 
the 
underlying 
transactions 
and 
events 
so 
that 
the 
financial 
statements 
give 
a 
true 
and 
fair 
vie 
w. 
—
Plan 
and 
perform 
the 
group 
audit 
to 
obtain 
sufficient 
appropriate 
audit 
evidence 
regarding 
the 
financial 
information 
of 
the 
entities 
or 
business 
units 
within 
the 
group 
as 
a 
basis 
for 
forming 
an 
opinion 
on 
the 
group 
financial 
statements. 
We 
are 
responsible 
for 
the 
direction, 
supervision 
and 
review 
of 
the 
audit 
work 
performed 
for 
purposes 
of 
the 
group 
audit. 
We 
remain 
solely 
responsible 
for 
our 
audit 
opinion. 
We 
communicate 
with 
those 
charged 
with 
governance 
regarding, 
among 
other 
matters, 
the 
planned 
scope 
and 
timing 
of 
the 
audit 
and 
significant 
audit 
findings, 
including 
any 
significant 
deficiencies 
in 
internal 
control 
that 
we 
identify 
during 
our 
audit. 

170 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
We 
also 
provide 
those 
charged 
with 
governance 
with 
a 
statement 
that 
we 
have 
complied 
with 
relevant 
ethical 
requirements 
regarding 
independence, 
and 
communicate 
with 
them 
all 
relationships 
and 
other 
matters 
that 
may 
reasonably 
be 
thought 
to 
bear 
on 
our 
independence, 
and 
where 
applicable, 
related 
safeguards. 
From 
the 
matters 
communicated 
with 
those 
charged 
with 
governance, 
we 
determine 
those 
matters 
that 
were 
of 
most 
significance 
in 
the 
audit 
of 
the 
financial 
statements 
of 
the 
current 
period 
and 
are 
therefore 
the 
key 
audit 
matters. 
We 
describe 
these 
matters 
in 
our 
auditor’s 
report 
unless 
law 
or 
regulation 
precludes 
public 
disclosure 
about 
the 
matter 
or 
when, 
in 
extremely 
rare 
circumstances, 
we 
determine 
that 
a 
matter 
should 
not 
be 
communicated 
in 
our 
report 
because 
the 
adverse 
consequences 
of 
doing 
so 
would 
reasonably 
be 
expected 
to 
outweigh 
the 
public 
interest 
benefits 
of 
such 
communication. 
Other 
Reporting 
Requirements
Information 
on 
Our 
Audit 
Engagement 
We 
were 
first 
appointed 
as 
auditors 
by 
the 
Annual 
General 
Meeting 
on 
21.3.2024, 
and 
our 
appointment 
represents 
a 
total 
period 
of 
uninterrupted 
engagement 
of 
2 
years. 
Other 
Information 
The 
Board 
of 
Directors 
and 
the 
Managing 
Director 
are 
responsible 
for 
the 
other 
information. 
The 
other 
information 
comprises 
the 
report 
of 
the 
Board 
of 
Directors 
and 
the 
information 
included 
in 
the 
Annual 
Report 
, 
but 
does 
not 
include 
the 
financial 
statements 
or 
our 
auditor’s 
report 
thereon. 
We 
have 
obtained 
the 
report 
of 
the 
Board 
of 
Directors 
prior 
to 
the 
date 
of 
this 
auditor’s 
report, 
and 
the 
Annual 
Report 
is 
expected 
to 
be 
made 
available 
to 
us 
after 
that 
date.
Our 
opinion 
on 
the 
financial 
statements 
does 
not 
cover 
the 
other 
information. 
In 
connection 
with 
our 
audit 
of 
the 
financial 
statements, 
our 
responsibility 
is 
to 
read 
the 
other 
information 
identified 
above 
and, 
in 
doing 
so, 
consider 
whether 
the 
other 
information 
is 
materially 
inconsistent 
with 
the 
financial 
statements 
or 
our 
knowledge 
obtained 
in 
the 
audit, 
or 
otherwise 
appears 
to 
be 
materially 
misstated. 
With 
respect 
to 
the 
report 
of 
the 
Board 
of 
Directors, 
our 
responsibility 
also 
includes 
considering 
whether 
the 
report 
of 
the 
Board 
of 
Directors 
has 
been 
prepared 
in 
compliance 
with 
the 
applicable 
provisions, 
excluding 
the 
sustainability 
report 
information 
on 
which 
there 
are 
provisions 
in 
Chapter 
7 
of 
the 
Accounting 
Act 
and 
in 
the 
sustainability 
reporting 
standards. 
In 
our 
opinion, 
the 
information 
in 
the 
report 
of 
the 
Board 
of 
Directors 
is 
consistent 
with 
the 
information 
in 
the 
financial 
statements 
and 
the 
report 
of 
the 
Board 
of 
Directors 
has 
been 
prepared 
in 
compliance 
with 
the 
applicable 
provisions 
. 
Our 
opinion 
does 
not 
cover 
the 
sustainability 
report 
information 
on 
which 
there 
are 
provisions 
in 
Chapter 
7 
of 
the 
Accounting 
Act 
and 
in 
the 
sustainability 
reporting 
standards. 
If, 
based 
on 
the 
work 
we 
have 
performed 
on 
the 
other 
information 
that 
we 
obtained 
prior 
to 
the 
date 
of 
this 
auditor’s 
report, 
we 
conclude 
that 
there 
is 
a 
material 
misstatement 
of 
this 
other 
information, 
we 
are 
required 
to 
report 
that 
fact. 
We 
have 
nothing 
to 
report 
in 
this 
regard. 
Other 
Opinions 
We 
support 
that 
the 
financial 
statements 
should 
be 
adopted. 
The 
proposal 
by 
the 
Board 
of 
Directors 
regarding 
the 
use 
of 
the 
profit 
shown 
in 
the 
balance 
sheet 
and 
the 
distribution 
of 
other 
unrestricted 
equity 
is 
in 
compliance 
with 
the 
Limited 
Liability 
Companies 
Act. 
We 
support 
that 
the 
Members 
of 
the 
Board 
of 
Directors 
and 
the 
Managing 
Director 
should 
be 
discharged 
from 
liability 
for 
the 
financial 
period 
audited 
by 
us. 
Helsinki, 
3 
March 
2026 
KPMG 
OY 
AB 
Audit 
Firm 
HEIDI 
HYRY 
Authorised 
Public 
Accountant, 
KHT

171 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Independent 
Auditor's 
Report 
on 
the 
ESEF 
Consolidated 
Financial 
Statements 
of 
Fingrid 
Oyj 
To 
the 
Board 
of 
Directors 
of 
Fingrid 
Oyj 
We 
have 
performed 
a 
reasonable 
assurance 
engagement 
on 
the 
financial 
statements 
7437006ZZI1F7CUA5518-2025-12-31-1-en.zip 
of 
Fingrid 
Oyj 
(Business 
ID 
1072894-3) 
that 
have 
been 
prepared 
in 
accordance 
with 
the 
Commission's 
regulatory 
technical 
standard 
for 
the 
financial 
year 
ended 
31.12.2025. 
Responsibilities 
of 
the 
Board 
of 
Directors 
and 
the 
Managing 
Director 
The 
Board 
of 
Directors 
and 
the 
Managing 
Director 
are 
responsible 
for 
the 
preparation 
of 
the 
company's 
report 
of 
the 
Board 
of 
Directors 
and 
financial 
statements 
(the 
ESEF 
financial 
statements) 
in 
such 
a 
way 
that 
they 
comply 
with 
the 
requirements 
of 
the 
Commission's 
regulatory 
technical 
standard. 
This 
responsibility 
includes: 
preparing 
the 
ESEF 
financial 
statements 
in 
XHTML 
format 
in 
accordance 
with 
Article 
3 
of 
the 
Commission's 
regulatory 
technical 
standard 
tagging 
the 
primary 
financial 
statements, 
notes 
and 
company's 
identification 
data 
in 
the 
consolidated 
financial 
statements 
that 
are 
included 
in 
the 
ESEF 
financial 
statements 
with 
iXBRL 
tags 
in 
accordance 
with 
Article 
4 
of 
the 
Commission's 
regulatory 
technical 
standard 
and 
ensuring 
the 
consistency 
between 
the 
ESEF 
financial 
statements 
and 
the 
audited 
financial 
statements. 
The 
Board 
of 
Directors 
and 
the 
Managing 
Director 
are 
also 
responsible 
for 
such 
internal 
control 
as 
they 
determine 
is 
necessary 
to 
enable 
the 
preparation 
of 
ESEF 
financial 
statements 
in 
accordance 
with 
the 
requirements 
of 
the 
Commission's 
regulatory 
technical 
standard. 
Auditor’s 
independence 
and 
quality 
management 
We 
are 
independent 
of 
the 
company 
in 
accordance 
with 
the 
ethical 
requirements 
that 
are 
applicable 
in 
Finland 
and 
are 
relevant 
to 
the 
engagement 
we 
have 
performed, 
and 
we 
have 
fulfilled 
our 
other 
ethical 
responsibilities 
in 
accordance 
with 
these 
requirements. 
The 
auditor 
applies 
International 
Standard 
on 
Quality 
Management 
(ISQM) 
1, 
which 
requires 
the 
firm 
to 
design, 
implement 
and 
operate 
a 
system 
of 
quality 
management 
including 
policies 
or 
procedures 
regarding 
compliance 
with 
ethical 
requirements, 
professional 
standards 
and 
applicable 
legal 
and 
regulatory 
requirements. 
Auditor’s 
responsibilities 
Our 
responsibility 
is 
to, 
in 
accordance 
with 
Chapter 
7, 
Section 
8 
of 
the 
Securities 
Markets 
Act, 
provide 
assurance 
on 
the 
financial 
statements 
that 
have 
been 
prepared 
in 
accordance 
with 
the 
Commission's 
regulatory 
technical 
standard. 
We 
express 
an 
opinion 
on 
whether 
the 
consolidated 
financial 
statements 
that 
are 
included 
in 
the 
ESEF 
financial 
statements 
have 
been 
tagged, 
in 
all 
material 
respects, 
in 
accordance 
with 
the 
requirements 
of 
Article 
4 
of 
the 
Commission's 
regulatory 
technical 
standard. 
Our 
responsibility 
is 
to 
indicate 
in 
our 
opinion 
to 
what 
extent 
the 
assurance 
has 
been 
provided. 
We 
conducted 
a 
reasonable 
assurance 
engagement 
in 
accordance 
with 
International 
Standard 
on 
Assurance 
Engagements 
(ISAE) 
3000. 
The 
engagement 
includes 
procedures 
to 
obtain 
evidence 
on: 
whether 
the 
primary 
financial 
statements 
in 
the 
consolidated 
financial 
statements 
that 
are 
included 
in 
the 
ESEF 
financial 
statements 
have 
been 
tagged, 
in 
all 
material 
respects, 
with 
iXBRL 
tags 
in 
accordance 
with 
the 
requirements 
of 
Article 
4 
of 
the 
Commission's 
regulatory 
technical 
standard 
and 
whether 
the 
notes 
and 
company's 
identification 
data 
in 
the 
consolidated 
financial 
statements 
that 
are 
included 
in 
the 
ESEF 
financial 
statements 
have 
been 
tagged, 
in 
all 
material 
respects, 
with 
iXBRL 
tags 
in 
accordance 
with 
the 
requirements 
of 
Article 
4 
of 
the 
Commission's 
regulatory 
technical 
standard 
and 
whether 
there 
is 
consistency 
between 
the 
ESEF 
financial 
statements 
and 
the 
audited 
financial 
statements. 
The 
nature, 
timing 
and 
extent 
of 
the 
selected 
procedures 
depend 
on 
the 
auditor’s 
judgment. 
This 
includes 
an 
assessment 
of 
the 
risk 
of 
a 
material 
deviation 
due 
to 
fraud 
or 
error 
from 
the 
requirements 
of 
the 
Commission's 
regulatory 
technical 
standard. 
We 
believe 
that 
the 
evidence 
we 
have 
obtained 
is 
sufficient 
and 
appropriate 
to 
provide 
a 
basis 
for 
our 
opinion. 
Opinion 
Our 
opinion 
pursuant 
to 
Chapter 
7, 
Section 
8 
of 
the 
Securities 
Markets 
Act 
is 
that 
the 
primary 
financial 
statements, 
notes 
and 
company's 
identification 
data 
in 
the 
consolidated 
financial 
statements 
that 
are 
included 
in 
the 
ESEF 
financial 
statements 
of 
Fingrid 
Oyj 
7437006ZZI1F7CUA5518-2025-12-31-1-en.zip 
for 
the 
financial 
year 
ended 
31.12.2025 
have 
been 
tagged, 
in 
all 
material 
respects, 
in 
accordance 
with 
the 
requirements 
of 
the 
Commission's 
regulatory 
technical 
standard. 
Our 
opinion 
on 
the 
audit 
of 
the 
consolidated 
financial 
statements 
of 
Fingrid 
Oyj 
for 
the 
financial 
year 
ended 
31.12.2025 
has 
been 
expressed 
in 
our 
auditor's 
report 
dated 
3.3.2026. 
With 
this 
report 
we 
do 
not 
express 
an 
opinion 
on 
the 
audit 
of 
the 
consolidated 
financial 
statements 
nor 
express 
another 
assurance 
conclusion. 
Helsinki 
3 
March 
2026 
KPMG 
OY 
AB 

172 
FINGRID 
OYJ 
www.fingrid.fi 
3 
March 
2026 
Audit 
Firm 
Heidi 
Hyry 
Authorised 
Public 
Accountant, 
KHT