OP Uusimaa OP Uusimaa Financial Review 1 January–31 December 2025

Key figures and ratios:

* Comparable growth in 1–12/2025 was 1%, including fees for loans granted by OP Mortgage Bank.

** The CET1 ratio for 2025 has been calculated under the CRR3 regulation, which entered into force on 1 January 2025.

OP Uusimaa key figures and ratios

Comparatives for the income statement items are based on the corresponding figures in 2024. Unless otherwise specified, figures from 31 December 2024 are used as comparatives for balance-sheet and other cross-sectional items.

* The CET1 ratio for 2025 has been calculated under the CRR3 regulation, which entered into force on 1 January 2025. Capital adequacy calculation has changed from the comparative year.

Managing Director's review of 2025

We are extremely pleased with the development of our operations at OP Uusimaa.

During 2025, OP Uusimaa enjoyed strong growth across all of the bank's segments. We continued to strengthen our market position in home loans, and OP Uusimaa's market share of all home loans in Finland was as high as 11.1% at the end of 2025. In corporate customer business, our loan portfolio increased from 2024 by an unprecedented 11.4% during the year. Gross sales of investment products grew by 23% and net sales by 10% from the previous year.

OP Uusimaa recorded an operating profit of 144 million euros, which was 35% lower than in 2024. This was due in particular to the decline in market interest rates and the resulting decrease in net interest income.

We have also invested heavily in the development of our customer experience. In particular, we can be proud that our NPS measuring customer experience was at an excellent level, with a score of 80.

The year 2025 was in many ways overshadowed by global uncertainty. This was reflected in both consumers' and businesses' confidence and their willingness and courage to commit to the kinds of major investments necessary for economic growth. One key reason for the slow economic growth in Finland and the Uusimaa region was poor domestic demand.

Still, there are some positive signs in the air. Recent forecasts by economists anticipate a slight recovery for the Finnish economy – for example, OP Pohjola's economists predict growth of 1.5% for the years 2026–2027.

The construction sector reached a turning point in 2024 after a long period of stagnation, and OP Uusimaa's statistics show that new construction is slowly recovering. From the perspective of customers with mortgages and those in the market for a home, interest rates have fallen to moderate levels and are not expected to increase significantly this year or in the near future. The decline in home prices can also contribute to a recovery of the housing market.

Olli Lehtilä, Managing Director of OP Uusimaa

OP Uusimaa records an operating profit of 144 million euros

OP Uusimaa recorded an operating profit of 144 million euros (222) in 2025, which was 35% lower than the previous year. A significant factor in this was the decrease in net interest income, which in turn was due to the fall in market rates.

In 2025, total income decreased by 13% to 465 million euros (536). Net interest income decreased by 18% to 340 million euros. Net commissions and fees totalled 105 million euros (108). Comparable growth in net commissions and fees amounted to 1%.

Total expenses increased by 13% from the previous year. OP Uusimaa's 12-month rolling cost/income ratio stood at 58.1% (44.8).

Realised and expected credit losses on loans decreased by 24 million euros from the previous year. Realised and expected credit losses amounted to 18 million euros in 2024. In 2025, the bank released 6 million euros more in credit loss provisions than were newly recorded.

Expected credit losses relative to the total loan and collateral portfolios remain at an extremely low level. The cost/income ratio weakened and stood at 58% (45) but remained at a good level. Both the loan and deposit portfolios increased in 2025.

CET1 improved to 18.9% (18.3) from the previous year. The impacts of the EU Capital Requirements Regulation (CRR3), which took effect on 1 January 2025, were smaller than expected.

Strong growth across all of the bank's segments

In mortgages, 2025 was both positive and negative. Demand for home loans picked up clearly at the start of 2025 but, after the summer, the number of home loan applications remained at the level of previous years.

OP Uusimaa further strengthened its position as a provider of home loans. The bank's home loan portfolio grew by 4.1% in 2025 and stood at €11.8 billion at the end of the year. The bank's market share of home loans in Finland increased to 11.1%.

OP Uusimaa has invested heavily in its corporate business operations. This has been reflected very positively in the volume of corporate loans granted by the bank. During 2025, the bank's portfolio of loans to corporates and institutional customers increased by 11.4% to €5 billion.

Interest in systematic investing and saving continued to be strong in 2025. During 2025, the number of new systematic investment plans opened by OP Uusimaa's customers increased by 19% from the previous year. Net sales of investment products stood at €491 million, an increase of 9.7% from 2024.

During 2025, OP Uusimaa's deposits increased by 5.1% to €12.5 billion.
 
Significant benefits for owner-customers – total value of 89 million euros

OP Uusimaa offered excellent benefits to its owner-customers.

The bank extended the additional benefit introduced in 2024, under which owner-customers received 40% more in earned OP bonuses in 2025 compared to the level in 2022. The bank also did not charge owner-customers monthly charges for the use of daily banking services in 2025. The total value of these benefits to OP Uusimaa's owner-customers amounted to 89 million euros. OP Uusimaa's owner-customers earned 72 million euros in OP bonuses.

The number of owner-customers at OP Uusimaa increased by around 12,000 in 2025 and amounted to nearly 388,000 at the end of the year.

OP Uusimaa's NPS, a measure of customer experience, was excellent with a score of 80.

Reform of owner-customer benefits in 2026

From the beginning of 2026, owner-customers will benefit even more from using a wide range of OP Uusimaa's banking, wealth management and insurance services.

A wider range of our services will contribute towards OP bonuses, and the amount paid in bonuses has increased. From now on, our owner-customers are free to choose how they want to use earned OP bonuses. As previously, customers can continue to pay for their service charges and insurance premiums with OP bonuses. What is new, however, is that owner-customers can now invest OP bonuses in funds.

One factor behind this reform is a change in the taxation of OP bonuses, according to which OP bonuses are treated as income subject to capital income tax as of the start of 2026. This year, we pay owner-customers 0.4% in bonuses, when previously the rate was 0.25%. This compensates for the effect of the capital income tax, and the increase in bonuses is slightly higher than the effect of the tax. After the withholding of capital income tax, the bonus rate earned by customers is 0.28% instead of the previous 0.25%.