Financing
Pohjolan Voima Group's financial position is strong and liquidity is good.
The Group’s equity ratio on 31 December 2025 was 44.5% (on 31 December 2024: 44.5%).
On 31 December 2025, cash and cash equivalents totalled €29 (€64) million, and the Group had an unused binding credit facility agreement of €350 (€350) million. The credit facility agreement will expire in June 2029. In accordance with the terms of the credit facility agreement, the credit limit will decrease from €350 million to €291 million on 29 June 2028.
For short-term funding, the Group had a domestic commercial paper programme of €300 (€300) million, of which €84 (€85) million had been used.
The Group’s interest-bearing liabilities amounted to €1,156 (€1,168) million (excluding accrued interest). There were no liabilities involving an exchange rate risk, and the Group’s loan agreements do not include any financial covenants.
On 5 June 2024, Pohjolan Voima Oyj issued a senior unsecured bond of €150 million. The bond will mature on 5 June 2031, and a fixed annual interest of 4.75 percent will be paid on it. The bond is listed on the Nasdaq Helsinki stock exchange list.
Japan Credit Rating Agency (JCR) has affirmed its previous long-term credit rating A+ for Pohjolan Voima Oyj, and outlook stable in its report, published on 2 April 2025.
Risk management
Risk management aims to ensure the realisation of the strategy and the achievement of the business goals, as well as to safeguard continuity and disturbance-free operations. Risk management is carried out in line with the Group’s risk management policy.
The Group applies a decentralised risk management model: each subsidiary’s Board of Directors and the parent company’s units are responsible for the risks related to their operations, as well as the identification and analysis of these risks. Risks that may compromise the achievement of the objectives are estimated, and measures for their management are defined. The significance of the risks is estimated as the sum of their likelihood and impact.
Group-level risks and the significance of these risks are presented in a risk matrix in terms of consequences and likelihood. The Group-level risks are reported to the parent company’s Executive Group and Board of Directors in accordance with the annual management schedule.
All Pohjolan Voima companies are covered for risks of damage through measures related to maintenance, occupational health and safety, adequate training provided to the personnel and other necessary measures, as well as through insurance in line with the Group’s insurance policy.
The Group’s most significant risks are related to the availability of TVO’s OL1 and OL2 plant units and the profit-yielding capacity of the OL3 plant unit. TVO is implementing several risk management measures to secure OL3’s profit-yielding capacity.