Defence Properties Finland’s financial statements 2024: security situation reflected in major increase in investments
Defence Properties Finland’s financial statements and annual report for 2024 are now available. The security situation in the vicinity of Finland continued to be unstable and difficult to predict last year. This was reflected in a significant increase in defence construction: investments rose to a record €240 million. Preparedness and readiness were also systematically developed, and the accelerated introduction of the preparedness-oriented service model continued as planned.
Defence Properties Finland’s revenue in 2024 was €370.5 million and the result was €6.5 million.
Last year saw the introduction of a new project guidance model in investments. The model involves examining the costs of construction projects at pre-defined checkpoints. Together with the Finnish Defence Forces, cost-effective solutions were identified to curb the increase in premises costs.
“Defence Properties Finland has improved its overall operating efficiency to such an extent that we are able to permanently reduce the Finnish Defence Forces’ rents by €7 million from the beginning of 2025,” says Matias Warsta, CEO of Defence Properties Finland.
Continued high level both of investments and maintenance
Last year, approximately €240 million, 50% more than in the previous year, was spent on investment and construction projects. Investments focused especially on F-35 fighter infrastructure, harbour construction required by the Finnish Navy’s Pohjanmaa class corvettes, the construction of storage, guard and workshop facilities, as well as the construction and renovation of conscripts’ barracks.
Infrastructure construction projects required by the future F-35 multi-role fighters are under construction at the bases in Rovaniemi, Rissala and Tikkakoski. The projects are progressing on schedule and in accordance with the set objectives.
“The security situation meant exceptionally heavy investments in new construction. At the same time, however, a significant number of renovations were also carried out, and at €42 million, the annual level of maintenance was kept high to ensure healthy and safe service conditions,” Warsta says.
Defence Properties Finland has increased its own capability in emergency conditions
Last year, Defence Properties Finland continued to systematically develop preparedness and readiness. The focus was on securing and improving the availability of intelligence, surveillance and command facilities used by the Finnish Defence Forces. During the year, 13 exercises were held with the Defence Forces, which is more than ever before. Last year, material preparedness was raised to a good level.
The preparedness-oriented service model enables Defence Properties Finland to respond better to the deteriorating security situation and ensures the ability to secure the use of the Defence Forces’ critical facilities in all security situations. The project is progressing on track so that Defence Properties Finland will have the required capability in place at the end of 2025 in accordance with the target set by the Ministry of Defence.
Last year, Defence Properties Finland, which is part of Senate Group, successfully implemented the service objectives set for it by the Parliament and the Ministry of Defence. Last year’s financial statements and annual report were adopted at the meeting of the Board of Directors of Defence Properties Finland on 24 February 2025.
Read the financial statements and annual report:
Defence Properties Finland’s financial statements and annual report (in Finnish, pdf)
Read the Senate Group’s release:
Senate Group’s financial statements: savings for agency facility costs, good result from property sales, construction at record levels
For more information:
Defence Properties Finland, Matias Warsta, CEO, tel. +358 294 831 000
