Tesi's Interim Review 1 Jan–30 Jun 2026: The best result in Tesi's history

A very strong result in the first half of 2026

Tesi's IFRS result for H1 2026 was the best in the company's history, at EUR 478 million (EUR 73 million in H1 2025). The result arose largely from as yet unrealised gains in the value of individual portfolio investments, which is typical of the VC & PE industry.

Net gains from Tesi's VC & PE investments totalled EUR 584 million (93).

During the review period, Tesi made a total of 23 investments, of which six were initial investments and 17 follow-on investments. Tesi made fund commitments to four VC & PE funds. In direct investments, Tesi participated, for example, in the EUR 1 billion funding round of ICEYE, which has become Finland's third decacorn. The round was one of the largest ever raised in Finland. Tesi also made a follow-on investment in the EUR 100 million funding round of AI infrastructure company Verda. After the review period, in September 2026, Verda became Finland's newest unicorn when it announced a new EUR 168 million funding round.

“Tesi targets its direct investments at growth sectors of strategic importance to Finland, such as defence technology, research-based deep technology companies and health technology. Tesi also seeks to strengthen Finland’s and Europe’s energy self-sufficiency, technological autonomy and access to critical raw materials,” says Pia Santavirta, CEO of Tesi.

Implementation of the new strategy is progressing strongly together with private investors

During its 2025–2029 strategy period, Tesi aims to channel EUR 14 billion in growth financing into the market together with private investors, with its EUR 1.8 billion investment mandate. During the first eighteen months, by 30 June 2026, Tesi's investment decisions totalling EUR 672 million will, once realised, channel more than EUR 6.2 billion of capital into the market. This already represents 44 per cent of the target for the entire five-year strategy period.

Tesi works alongside the private market as a catalyst and market developer. The aim is to move capital into growth on a larger scale and faster than before. Promoting domestic ownership in this way helps to anchor the benefits of growth, including jobs, tax revenues, new expertise and wealth, more firmly in Finland.

“Previously, growth companies raised EUR 14 billion in VC & PE investments over a ten-year period. Now the same will be achieved in half the time, over five years, together with private investors. As part of this change, we are also strengthening domestic ownership in Finland’s best growth companies and in new industrial sectors,” Santavirta adds.

Investments under management have grown 1.5-fold during the new strategy period

Tesi's investments under management totalled EUR 3.9 billion on 30 June 2026. Of these, 45 per cent were direct investments and 55 per cent were fund investments. Investments under management have grown 1.5-fold in eighteen months during the new strategy period. The change is explained by successful investment activities, the increase in the value of the entire investment portfolio and the consolidation of the state's private equity investment activities under Tesi in 2025.

Tesi is a growth owner in 140 growth companies. Tesi's investment portfolio contains 144 VC & PE funds, five of which are Growth Fund of Funds managed by Tesi (KRR).

Read more about Tesi's first half of 2026.

Key figures for H1/2026 (H1/2025 in brackets)

• IFRS result EUR 478 million (73)
• Net gains from VC & PE investments EUR 584 million (93)
• Investments and commitments realised EUR 131 million (170)
  • Fund commitments made 4 (5)
  • Direct investments made 23 (15)
• Exits from portfolio companies 3 (9)
• Investments under management EUR 3.9 billion (3.1)
• Portfolio funds 144 (141), of which 5 (5) are KRR funds-of-funds (KRR I–V)
• Direct portfolio companies 140 (136)
• Progress during the 2025–2029 strategy period by 30 June 2026: Tesi's investment decisions totalling EUR 672 million will, once realised, channel EUR 6.2 billion of private capital into the market, representing 44 per cent of the EUR 14 billion target for the entire period